Smart Metering Systems plc (AIM: SMS.L), the integrated metering services company that installs, owns and manages utility metering assets, is pleased to provide the following update on trading in the year ended 31 December 2017.
The Company's continued investment in its gas and electricity metering portfolio saw the total number of assets under management increase by approximately 62% to 2.03m by 31 December 2017. This figure includes 423,000 gas and electricity domestic smart meters in the growing domestic smart meter market.
Total annualised recurring revenue increased by 38% to £57.0m as at 31 December 2017. In the Gas division, meter recurring revenue grew by 15% to £36.1m, while data recurring revenue increased 15% to £3.0m. In the Electricity division, meter recurring revenue nearly tripled to £11.2m and data recurring revenue grew 56% to £6.7m.
Based on unaudited management accounts for the period, SMS expects that its results for the year to 31 December 2017 will be in line with current market expectations and these will be published mid-March 2018.
"2017 has been a year of investment in our business - building capacity to grow and deliver for our customers in the domestic smart meter rollout.
"The £150million equity placing and refinancing of our £280million bank facility in November 2017 provides us with an extremely strong financial platform to help our customers complete their domestic smart meter programmes."Chief Executive Officer
For further information:
Smart Metering Systems plc
Alan Foy, Chief Executive Officer
David Thompson, Chief Financial Officer
Craig McGinn, Company Secretary
0141 249 3850
Cenkos Securities plc
0131 220 6939 / 0207 397 8900
020 7074 1800
Notes to Editors
About Smart Metering Systems Plc
Established in 1995, Smart Metering Systems plc, headquartered in Glasgow, connects, owns and operates gas and electricity meters on behalf of major energy companies. The Company's full end to end energy management services and consultancy business support large blue chip companies in the UK, through a network of offices in Cardiff, Cambridge, Bolton, Doncaster, Rugby, and Normanton.
The Company's services also include infrastructure design, installation, consultancy and project management services for new gas, electricity, water and telecoms connections for licenced energy and telecoms suppliers, end consumers and the UK's licenced electricity Distribution Network Owners (DNO's).
The Company was admitted to the AIM market in July 2011 and is now part of the FTSE AIM 50 index. For more information on SMS please visit the Company's website: www.sms-plc.com.