By Kristy Dorsey
Glasgow’s Smart Metering Systems has reported further growth and is predicting continued improvement amid the push to decarbonise the UK’s energy systems.
The AIM-listed business, which installs and manages smart meters on behalf of energy companies, said installations in April were above the pre-Covid run rate and added that “if the recovery continues, the group expects this to improve further”.
ILARR, the revenue generated from meter rental and data contracts, reached £83.1 million in the first four months of this year. That was up from £77m during the same period in 2020.
READ MORE: Glasgow metering firm readies for net zero push
The latest trading update follows what the company has hailed as a “transformational year” for the business, with pre-tax profits up more than 35-fold in 2020 at £195m.
Delivery of a secured 190MW grid-scale battery project, and development of an additional 280MW pipeline, were said to be “on track and progressing well”. As of the end of April, the business had £28.4m of cash in hand and £276.8m of undrawn banking facilities.
The trading update was in conjunction with the company’s annual general meeting, with limited attendance in compliance with Covid safety guidelines. SMS will publish its half-year trading update in late July.
The company’s shares closed yesterday’s trading more than 2 per cent higher, up 18p at 843p.
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