Glasgow-based Smart Metering Systems (SMS) said on Thursday its CEO Alan Foy bought 408,615 shares at 606.63p and 615.28p for about £2.5 million.

Foy now holds 5.7 million SMS shares — about 5.1% of its equity.

The shares were bought by Metis Investments Limited, “declared as being a person closely associated” with Foy, who is a director and shareholder of Metis Investments Limited.

Smart Metering said on Tuesday its 2019 revenue increased 16% to £114.3 million and profit before tax edged about 2% higher to £5.46 million. 

SMS declared a dividend per share of 6.88p, up from 5.98p in 2018. 

Last week, Smart Metering announced the conditional sale of “a minority of the group’s meter assets” to funds managed by Equitix Investment Management Limited for £291 million in cash.