19/05/2022

Smart Metering Systems plc (AIM: "SMS", the "Group"), a fully integrated energy infrastructure company owning and managing meter assets, energy data, grid-scale batteries and other carbon reduction (CaRe) assets, provides the following trading update ahead of its Annual General Meeting later today.

Trading update

Meter and data assets:

  • Index Linked Annualised Recurring Revenue ("ILARR"):
    • Grew to £91.4 million as at 30 April 2022 (31 December 2021: £85.9 million)
    • Includes the annual inflationary adjustment which was applied on 1 April 2022
  • Smart meter installations:
    • Run rate has strengthened, in line with the Group's expectations
    • Further improvement is expected over the course of the year

Grid-scale batteries:

  • Strong operational performance combined with continued growth of grid-scale battery pipeline to 710MW (31 December 2021: 620MW). Of the total pipeline:
  • Operational assets:
    • First 50MW commenced trading in January 2022 and has performed strongly to date
    • Majority of revenues generated have been from the frequency service, Dynamic Containment
  • Additional pipeline:
    • 40MW project expected to begin trading in Q3 2022
    • 260MW of fully secured projects, of which 150MW is currently in construction
    • 360MW of sites are under exclusivity
Financial position and FY 22 outlook
  • At 30 April 2022, the Group's liquidity remains strong with £63.3 million cash in hand (31 December 2021: £117.7 million) and undrawn banking facilities of £420 million (31 December 2021: £420 million).
  • The Board's expectations for FY 2022 underlying profitability remain unchanged.
For further information:

Smart Metering Systems plc
0141 249 3850
Tim Mortlock, Chief Executive Officer
Gavin Urwin, Chief Financial Officer
Dilip Kejriwal, Head of Investor Relations

Cenkos Securities plc (Joint Broker and Nomad)
0131 220 6939 / 020 7397 8900
Neil McDonald / Pete Lynch

Investec Bank plc (Joint Broker)
020 7597 5970
Christopher Baird / Henry Reast

RBC Capital Markets (Joint Broker)
020 7653 4000
Matthew Coakes / Evgeni Jordanov / Jack Wood 

Instinctif Partners 
Tim Linacre / Guy Scarborough / Sarah Hourahane
SMS@instinctif.com

Notes to Editors

Smart Metering Systems plc (www.sms-plc.com) installs and manages smart meters, data, grid scale batteries and carbon reduction assets ("CaRe") to facilitate effective energy management. The Group manages and optimises these assets through its in-house technology and data analytical platform.

Established in 1995, SMS provides a full end-to-end service, from funding and installation to management and maintenance, with a highly skilled workforce, deep engineering expertise and well-established industrial partnerships.

SMS is leading the low carbon, smart energy revolution in the UK and is committed to reducing its own carbon emissions to net zero by 2030. In 2019, SMS was also awarded the London Stock Exchange Green Economy Mark.

SMS plc is headquartered in Glasgow with a national presence across twelve UK locations.

SMS's shares are listed on AIM.

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