AIM-listed Smart Metering Systems has said discussions are continuing about the possible sale of a minority of its energy meters following
a 19 per cent increase in
total units under management to 3.7 million, writes Kristy Dorsey.
The figure, which includes meter and data assets, was disclosed in the company’s year-end trading update. Within this, the total number of smart meters was more than 1.2 million at the end of 2019, up 44% on the previous year.
The Glasgow-based group, which installs and manages smart meters on behalf of energy companies, said its financial performance for 2019 was in line with market expectations. During the period, index-linked annualised recurring revenue – the company’s preferred financial metric – grew by 20% to £90.1 million.
SMS said earlier this year that it would seek a buyer for a minority stake in its meter portfolio after posting a pre-tax loss of £1.7m for the
six months to June, down from a profit of £10.1m on the same period previously.
“SMS will continue to address the smart meter roll-out opportunity with focus on securing long-term inflation-linked, sustainable revenues streams supported by an ongoing cost discipline and an efficient long-term capital structure,” said chief executive Alan Foy.
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