Shares of Glasgow-based Smart Metering Systems (SMS) rose 6% on Friday after it issued a trading update showing its full-year 2019 financial performance in line with current market expectations.

Smart Metering Systems said its total index linked annualised recurring revenue (ILARR) grew 20% to £90.1 million, its total meter and data assets under management grew 19% to 3.7 million and its smart meter portfolio grew 44% to 1,215,000 meters.

The firm said it continues to be in discussions regarding the sale of a minority of the group’s meter assets. 

Smart Metering Systems CEO Alan Foy said: “”SMS will continue to address the smart meter roll-out opportunity over the extended rollout period, with focus on securing long-term inflation-linked, sustainable revenue streams supported by an ongoing cost discipline and an efficient long-term capital structure.”