Smart Metering Systems plc (AIM: SMS.L) is pleased to announce its interim results, which show continued strong growth in the six months to 30 June 2016.

Financial highlights
  • Revenue increased by 25% to £32.3m (H1 2015: £25.8m)
  • Total annualised recurring income* increased by 23% to £37.4m (H1 2015: £30.5m)
  • Underlying EBITDA** increased by 20% to £14.7m (H1 2015: £12.2m)
  • Underlying EBITDA** margin at 45% (H1 2015: 47%) Underlying PBT*** increased by 15% to £9.2m (H1 2015: £8.0m)
  • Underlying earnings per share **** increased by 23% to 8.45p (H1 2015: 6.90p)
  • Interim dividend of 1.37p per ordinary share, an increase of 25%

* Recurring revenue refers to revenue generated by meter rental and data contracts. Annualised recurring income refers to the revenue being generated at a point in time.
** Underlying EBITDA is before exceptional items and other operating income.
*** Underlying PBT is before exceptional items, other operating income and intangible amortisation.
**** Underlying earnings per share is profit after taxation but before exceptional items, other operating income and intangible amortisation, divided by the weighted average number of ordinary shares in issue.

Operational highlights
  • Completed the acquisition of CH4 Gas Utility and Maintenance Services Limited (CH4), Trojan Utilities Limited (Trojan), and Qton Solutions Limited (Qton), further strengthening the Group ahead of the UK's domestic smart meter rollout programme with full UK-wide direct installation and IT support capability
  • The Group has an initial order book of 300,000 dual fuel domestic smart meters from eight contracted energy suppliers who currently supply energy to circa 2 million homes
  • The Group now manages over 1 million utility metering and data assets on behalf of energy suppliers in the industrial and commercial (I&C) and domestic markets and has increased its asset base in all business areas

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