Smart Metering revenue tops £98m but profit falls

Glasgow-based Smart Metering Systems (SMS) said on Thursday its 2018 revenue increased 24% to £98.5 million but statutory profit before tax fell 70% to £5.4 million.

Underlying profit before tax increased 13% to £25.1 million.

Proposed final dividend is 3.98p, meaning a total of 5.98p for the full year, an increase of 15%.

SMS said its net debt at December 31, 2018, was £142 million, up from £36.5 million the year before.

Capital expenditure on “revenue-generating assets” was £128.2 million.

SMS employed 964 people at December 31.

“2018 has been a year of continued investment and growth, and I am especially pleased with the way in which we have brought our end to end solutions to the UK’s energy suppliers shown by the significant contract wins announced in the last six months,” said SMS CEO Alan Foy.

“Building long term partnerships with our customers is key to our success.

“We enter 2019 with a strong order book and are well positioned to continue making progress in our core markets.”