Smart Metering Systems revenue up 25% to £135m

Glasgow-based Smart Metering Systems plc (SMS) reported that its 2022 revenue rose 25% to £135.5 million and underlying profit before taxation was up 34% to £24.5 million.

SMS said its index-linked annualised recurring revenue (ILARR) at December 31 was up 13% to £97.1 million.

SMS is proposing a 30.25p per share dividend, an increase of 10%.

In its outlook SMS said its 2023 pre-exceptional EBITDA “is expected to be marginally ahead of and underlying PBT to be in line with our previous expectations.”

It said the smart meter installation run-rate “is expected to progressively improve throughout rest of the year.”

SMS CEO Tim Mortlock said: “We have delivered another year of strong performance across all our key metrics. This again highlights the attractiveness of our CaRe asset portfolio and the strong execution by our teams. 

The strong momentum in our meter and grid-scale batteries businesses provides us with confidence in our 2023 and longer term outlook — we will continue to deliver on our sustainable promises.

We also see significant market opportunities to further accelerate our portfolio of CaRe assets, including EV charging infrastructure and Behind-the-meter solar and storage.

“Meeting the key challenges of energy security, affordability and sustainability — SMS is strongly positioned to provide the knowledge, engineering, data platforms and services behind the UK’s move to net zero.”