07/02/2016

Smart Metering Systems plc (AIM: SMS.L) is pleased to announce its final results for the 12 months to 31 December 2016, which show continued growth across all business areas.

Financial Highlights
  • Revenue increased by 25% to £67.2m (2015: £53.9m)
  • Total annualised recurring income* increased by 19% to £41.3m (2015: £34.7m)

gas: meter recurring rent increased by 13% to £31.5m (2015: £27.8m) and data recurring income increased by 17% to £2.6m (2015: £2.2m)

electricity: meter recurring rent increased by 125% to £2.9m (2015: £1.3m) and data recurring income grew 23% to £4.3m (2015: £3.5m)

  • Gross profit increased by 23% to £36.9m (2015: £30.1m) Gross profit margin remained consistent at 55% (2015: 56%)
  • EBITDA increased by 17% to £32.5m (2015:£27.9m) Underlying EBITDA** increased by 21% to £31.9m (2015: £26.3m)
  • Underlying EBITDA** margin at 48% (2015: 49%) Underlying
  • PBT** increased by 13% to £19.6m (2015: £17.4m)
  • Earnings per share decreased to 17.33p (2015: 17.46p)
  • Underlying earnings per share*** increased to 19.20p (2015: 17.38p)
  • Final dividend of 2.73p per ordinary share totalling 4.1p for the full year (2015: 3.3p), an increase of 24%

* 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 PBT and EBITDA are before exceptional items, intangible amortisation and other operating income.

*** 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.

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