SMART Metering Systems says it is well positioned for future growth after completing the integration of a major acquisition.

In a trading update the Glasgow company said revenue in its core gas meter rental division had grown 41 per cent to £21.9 million across 2014 while data recurring income there reached £1m.

During April last year it made an ambitious £14m swoop for Welsh firm Utility Partnership which is now Smart Metering's electricity division.

In that section meter rental doubled to £567,000 while data revenue rose 29 per cent to £2.7m.

In total recurring revenue is expected to have risen from £15.8m to £26.2m.

SMS chief executive Alan Foy pointed out the company, which was founded in 1995 and floated on the Alternative Investment Market in 2011, had secured a major new contract with British Gas Business during the year.

The electricity division also won contracts with Opus Energy and Dong Energy sales, which were already gas customers.

Across the year the number of gas meters under management had risen around 29 per cent to approximately 607,000.

That was said to be in line with management expectations.

Additionally 41,000 of its ADM meter devices, a simple and long lasting device which can be adapted for different uses, have now been deployed.

Smart Metering, which employs around 290 people across offices in Glasgow and Cardiff, confirmed that it has received accreditation to enter the water market in the UK.

It said the ADM is also undergoing testing for international use in countries including Croatia, Philippines and South Africa.

Mr Foy said: "2014 was a landmark year for SMS and our growing team, completing a significant acquisition and with further contract wins.

"SMS is delighted to have operationally fully integrated our electricity division following the acquisition of UPL in April 2014 and we are particularly positive on the outlook for its business in 2015.

"We can now offer our clients a full utility service and have both secured significant new contracts and renewed existing client relationships during the period."

Mr Foy suggested the outlook for the coming year was strong and said: "We remain focused on delivering our order book of meter exchanges and data business whilst fully positioning the business for the UK domestic smart meter roll out. The business is well positioned for continued growth in 2015."

Smart meters allow consumers and businesses to monitor their energy usage in real time.

There has been a drive by the UK government to have the devices rolled out to all households and small companies by 2020.