GLASGOW-based Smart Metering Systems has increased underlying interim profits 10 per cent to £16.2 million from £14.7m after moving into the domestic market in which it sees good growth prospects.

The move into supplying kit for use in the homes of consumers helped the company to increase the number of meters and associated data collection units it manages to 1.68 million at 30 June from 1.25m at the end of last year.

Aim-listed SMS had focused previously on meters used in business facilities.

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Chief executive Alan Foy said: “Domestic smart metering is a clear focus for the business whilst it continues to deliver its order book, converting industrial and commercial meters to remotely read meters and benefiting from the associated data contracts/assets.”

The results announcement highlighted the scale of the opportunity that is being created amid the official drive to get firms and consumers to use smart meters to help with efforts to reduce carbon emissions.

Chairman Willie MacDiarmid noted UK energy suppliers must fit around 53 million new smart meters in more than 30 million premises by the end of 2020.

He said: “Whilst the press have reported concerns around the programme completion timescales, energy suppliers have continued to place contracts to accelerate their rollout.”

Mr Foy said lack of availability of smart meters from manufacturers had been a constraint on the rollout but they had become more freely available in June.

He also highlighted the fact the roll out is creating the demand for engineers.

“Our training centres continue to seek out new sources for engineers, and as a result we have established new relationships with third parties such as the Armed Forces,” said Mr Foy.

The company can provide resettlement training programmes specifically for servicemen and women.

Revenues increased 14 per cent to £36.8m in the six months to June, against £32.3m last time.