Glasgow-based Smart Metering Systems is returning cash received under the Government’s furlough scheme.
The news follows last week’s confirmation that the company will increase its dividend payment, a rarity in the current economic turmoil caused by Covid-19. Despite being forced to halt non-essential field work for more than two months during lockdown, the firm said it is also on course to achieve underlying profits in line with expectations.
READ MORE: Glasgow smart meter firm to hike dividends amid challenges posed by coronavirus
Excluding the grant from the Coronavirus Job Retention Scheme (CJRS), SMS said it had net cash of £48 million at the end of May. This was described as “ahead of expectations”.
“SMS has therefore taken the decision to return the funds received from the UK Government under the CJRS and has also withdrawn from the scheme forthwith,” the company said in a statement.
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