Glasgow-based Smart Metering Systems (SMS) on Tuesday confirmed its revised dividend policy, saying it will pay 25p per share for the year to December 31, 2020, in four equal cash increments of 6.25p per share starting in October 2020. 

“The group intends to increase dividends at least in line with RPI every year until the end of FY2024 …” said Smart Metering in an AGM update.

“The dividends are well covered by existing long-term and recurring cash flow generation.”

Smart Metering added: “At 31 May 2020, the group’s total Index Linked Annualised Recurring Revenue (ILARR) was £75.9 million.

“Despite the temporary cessation of meter installations caused by Covid-19, the group currently expects underlying profitability for the year to 31 December 2020 to be in line with the board’s earlier expectations, reflecting the resilience of the SMS business model …

“As previously announced, Miriam Greenwood will succeed Willie MacDiarmid as chairman after the AGM …”

After the AGM the company said all the resolutions put to the meeting were duly passed “apart from resolution 13 (which had sought to amend the articles of association of the company to allow general meetings of the company to be held by electronic means).”