The AIM-listed Glasgow business, which floated two years ago, has reported pre-tax profits of £6.5 million in the year to December 31, 2012, up from 2011's £4m.
Turnover rose by 32% to £21m from £16m in 2011 as the company won new contracts with gas suppliers Scottish and Southern Energy, Total Gas and Power, Contract Natural Gas, Dong Energy Sales and E.ON Energy.
Deals were secured with energy brokers BIU, Solis, Energi, Imserve and ISS.
The year saw the company install more than 92,000 meters in homes and businesses around the UK, taking the total to around 340,000 – up 34% on 2011.
Its ability to invest in assets was helped by a banking arrangement with Barclays Bank, Clydesdale Bank and Lloyds Bank, replacing existing facilities. It said it has £31.1m of available resources.
Chief executive Alan Foy said: "We're very pleased with the results. The business is all about asset accumulation. We took some debt facilities and we're putting that to use.
"The majority of the increase in our turnover and EBITDA (earnings before interest taxation depreciation and amortisation) is as a result of owning assets, and the revenue coming for assets."
Staff numbers stand at 86, compared with 35 a year and half ago, with this dictating a move into bigger premises on Glasgow's St Vincent Street.
Mr Foy said: "We don't recruit from the utility industry – we recruit for people's attributes and then we train them.
"We really look for people that have got the auditor's attention to detail, but are experts in customer service. Sometimes you can't get those two qualities in the one head."
At present, 90% of the company's meters are used domestically, but Mr Foy said the industrial and commercial sectors
were a major growth area
for the business. He said: "We've got our own product that attaches to gas meters and gets half-hourly profiled information back to our office, and then is straight to suppliers and ultimately to consumers.
"The annual cost of that product is cheaper than annual meter read services, so the gas suppliers make a saving immediately and they can add on the benefits of smart metering. You just need to spot some consumption irregularities through this profiled information and you can start to make a lot of savings. It's like an insurance policy."
Shares in Smart Metering ended the day up 18p, or 8%, at 245p