SMART Metering Systems fell to a £1.725 million pre-tax loss in its first half to June 30, having made a £10.1m profit in the same period of last year.

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The Glasgow smart-meter company said industry-wide technical issues had slowed installation in the first half, but declared signs of an expected recovery were emerging. First-half revenues rose from £46.7m to £54.2m.

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SMS said pre-exceptional earnings before interest, tax, depreciation and amortisation for the current financial year were expected to be “marginally below current market expectations”, but revenues would be ahead. Its shares fell 17.6% to 360p.