Glasgow-based Smart Metering Systems (SMS) on Friday issued a trading update that showed its “total annualised recurring revenue” increased by 32% to £75.3 million at December 31, 2018.

The total number of metering and data assets under management increased by 54% to 3.13 million.

This figure includes a portfolio of 846,000 domestic smart meters, representing a 100% increase year on year.

In the gas division, meter recurring revenue grew by 19% to £42.9 million, while data recurring revenue increased 6% to £3.1 million.

In the electricity division, meter recurring revenue nearly doubled to £20.3 million and data recurring revenue grew 34% to £9 million. 

“Based on unaudited management accounts for the period, SMS expects that its results for the year to 31 December 2018 will be in line with current market expectations and these will be published mid-March 2019,” said SMS.

Smart Metering Systems also said on Friday it signed an agreement with Co-operative Energy Limited to provide services as an integrated domestic smart meter installer and meter asset provider. 

Under the terms of the agreement, SMS has been appointed as the preferred supplier to fund and install domestic smart meters on behalf of Co-operative Energy in certain defined geographic areas.

Alan Foy, Smart Metering Systems CEO, said: “2018 has seen continued growth and we are delighted with another strong period of trading allowing us to deliver for our customers in the fast-growing domestic smart meter market.

“We are delighted to be working with Co-operative Energy, a sustainable long-term business which is owned by its members and aims to provide 100% green electricity to all of its customers.

“Co-Operative Energy is, like SMS, committed to leading the smart energy revolution and we look forward to bringing the benefits of smart meters to its customers.”