GLASGOW- based Smart Metering Systems has enjoyed a strong start to the year as the company feels the benefit of its move into the electricity market.
The company said it increased total recurring revenues by around 10 per cent on annual basis, to £29 million in the first four months of 2015, from £26.2m in 2014.
The company's chairman Paul Dollman told yesterday's general meeting that the total number of electricity meters it manages for power suppliers, increased by 39 per cent to 16,658 at 30 April, from 12,000 at 31 December.
Led by chief executive Alan Foy, SMS developed a big presence in the market to supply electricity meters and associated services through the £14m acquisition of UPL of Wales last year.
The company grew the number of gas meters it manages by around 5 per cent in the first four months, to 637,971, from 607,000.
Mr Dolman said: "We continue to see the benefits of our expanded service offering across both the gas and electricity sectors and the positive impact of a fully integrated service in these markets for our customers."
The company expects demand for smart meters to increase rapidly in response to official efforts to encourage adoption of such technology, to help people and firms manage energy usage.
The regulator Ofgem expects all homes and businesses in Great Britain will be supplied with smart meters by the end of 2020.
SMS grew underlying pre-tax profits by 66 per cent, to £12.8m, in the year to December, from £7.7m in the preceding period
The company increased revenues to £42.4m in 2014, from £27.9m in 2013.
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