Glasgow-based Smart Metering Systems (SMS) said on Wednesday it installed 156,000 domestic smart meters in the first half of 2019, taking the group’s domestic smart portfolio alone through the one million meter milestone.

Smart Metering Systems also said it is currently “exploring options to monetise the value of a minority of the group’s meter assets.”

The news came as SMS announced a half year trading update for the six months to June 30, 2019, and gave its outlook for the rest of 2019.

The firm reported that “annualised recurring revenue” (ARR) increased 14.1% during the period to £85.9 million at June 30, 2019, ahead of expectations.

Smart Metering Systems CEO Alan Foy said: “We have now installed over 1 million smart meters. 

“Although installation rates in H1 have been impacted by the transition to SMETS2 meters, we have continued to build our recurring revenue base, ahead of our expectations.  

“Momentum in the installation rate is now building across the industry.

“Throughout H1, and in line with our longer term strategy, we are retaining the financial, technical and people resources necessary to support a substantial increase in activity in H2 and beyond. 

“We are well prepared to increase significantly our installation run-rate in H2 compared to H1, as industry-wide activity picks up. 

“We also continue to experience strong demand as societal, regulatory and environmental factors drive the requirement for smart energy management.

“The group has a strong portfolio of meter and data assets which generates index-linked, long-term recurring revenues.

“We are looking at options to monetise the value of a minority of our meter asset portfolio to support our future growth.”