12/09/2017

Smart Metering Systems plc (AIM: SMS.L) is pleased to announce its interim results, which show continued growth in the six months to 30 June 2017.

Financial highlights

  • Revenue increased by 14% to £36.8m (H1 2016: £32.3m)
  • EBITDA increased by 17% to £18.1m (H1 2016: £15.5m)
  • PBT increased by 2% to £9.3m (H1 2016: £9.1m)
  • Total annualised recurring income* increased by 29% to £48.4m (H1 2016: £37.4m)
  • Underlying EBITDA** increased by 10% to £16.2m (H1 2016: £14.7m)
  • Underlying EBITDA** margin at 44% (H1 2016: 45%)
  • Underlying PBT*** decreased by 9% to £8.4m (H1 2016: £9.2m)
  • Underlying earnings per share **** decreased by 10% to 7.68p (H1 2016: 8.55p)
  • Interim dividend of 1.74p per ordinary share, an increase of 27%

* Annualised recurring income refers to the revenue being generated at a point in time. Recurring revenue refers to revenue generated by meter rental and data contracts.
** 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.

  30 June 2017
units
31 Dec 2016
units 
Percentage
increase
Total gas and electricity metering and data assets 1,678,000 1,251,000 34%
Gas meter portfolio 1,064,000 881,000 21%
Gas data portfolio 118,000 108,000 9%
Electricity meter portfolio 166,000 77,000 116%
Electricity data portfolio 330,000 186,000 77%

99,000 ADMTM installations which is SMS' patented remote meter reading product

Alan Foy, Chief Executive Officer, commented:

"The first half of 2017 realised the start of the domestic smart meter role out for SMS. Domestic smart metering is a clear focus of SMS whilst we continue to deliver our order book in the industrial and commercial metering space.

Key to delivery is full control of the installation workforce and the end to end ownership of the software required to deliver the smart metering programme. The acquisitions of our installation and software businesses in 2016 are now fully integrated and managing a month on month increasing run rate of meter installations for our energy supply customers.

I am delighted with the progress over the last 6 months and look forward to continued progress.”

Download full Results (PDF)

CEO Alan Foy discusses Interim Results 2017: View Video

Download Presentation (PDF)

For further information:

Smart Metering Systems plc
Alan Foy, Chief Executive Officer
David Thompson, Chief Financial Officer
0141 249 3850

Cenkos Securities
Neil McDonald
Nick Tulloch
0131 220 6939 / 0207 397 8900

Kreab
Matthew Jervois
Daniel Holgersson 020 7074 1800

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