THE chief executive of Smart Metering Systems (SMS) has received a 14 per cent rise in his remuneration package.

The firm's annual report shows Alan Foy received £422,121 for 2013 made up of £309,000 of salary, a £77,400 bonus, £20,121 of benefits and £15,000 of pension contributions. Benefits include private health care and health insurance.

SMS, which listed on the stock market in 2011, saw its pre-tax profits rise almost 43 per cent to £7.5 million last year on the back of a 33 per cent increase in revenue to £27.9m.

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Mr Foy's rewards compare to the £300,000 salary he received in 2012 as well as a £50,000 bonus, £13,000 of pension and more than £6500 of benefits that year.

The SMS annual report for 2013 shows finance director Glen Murray saw his total remuneration increase from £95,153, to £131,169.

Within that his basic salary went from £75,000 to £100,000 while his bonus went from £15,000 to £25,000.