Glasgow-based Smart Metering Systems plc (SMS) announced that its results for 2022 are expected to be ahead of its previous expectations and that its full-year dividend is expected to be 30.25p per share, up 10% year-over-year.

In a trading update, SMS reported that its index-linked annual recurring revenue (ILARR) grew 13.1% to £97.1 million and its smart meter portfolio increased to 2.1 million from 1.7 million during 2022.

SMS reported continued growth in meter installation run-rate, averaging 45,000 per month in the second half of the year.

Smart Metering Systems CEO Tim Mortlock said: “We delivered strong operational and financial performance during FY 2022, highlighting the attractiveness of our CaRe asset portfolio and the strong execution by our teams.

“As a consequence, results for the year are expected to be ahead of our previous expectations.

“Our business can deliver significant value in the years ahead, with our inflation-linked recurring revenues from our existing meter and data assets providing considerable protection against macro-economic shocks.

“The strong momentum in our meter and grid-scale batteries businesses provide us with confidence in our 2023 and medium term outlook.”