The Board of Smart Metering Systems plc (AIM: SMS.L) ("SMS" or the "Company"), the integrated metering services company that connects, owns, operates and maintains current generation and new advanced metering assets and databases, is pleased to provide the following update on trading in the year ended 31 December 2013.
SMS has experienced continued growth in trading performance across all business areas and, in particular, a strong performance in its UK Gas Connection division. Based on unaudited management accounts for the period, SMS anticipates that it will deliver growth in line with current market expectations.
SMS secured contracts with both Dong Energy and Opus Energy during the period, successfully extended contracts with a number of its existing major customers, and made material progress in its discussions with potential new customers.
The Company's continued investment in its meter portfolio saw the total number of meters under management grow by approximately 36 per cent to c. 468,000 by 31 December 2013, with the number of meters in its industrial and commercial portfolio growing by over 118 per cent. The Company continues to increase investment in its asset base and capital expenditure during the period increased by approximately 44 per cent to GBP23 million, reaching a monthly run-rate of approximately GBP2.5 million in December 2013.
Over 16,000 of the Company's ADM devices are now deployed in the UK and SMS is also now engaged in 17 trials of the ADM device in five different countries, with further trials now committed in three additional countries.
The full year results will be published in mid-to-late March 2014.
About Smart Metering Systems
Established in 1995, Smart Metering Systems plc is based in Glasgow, and connects, owns, operates and maintains metering systems and databases on behalf of major energy companies.
Currently the Company is concentrating its efforts on offering its unique integrated services to the UK industrial and commercial gas market in which its customers have an 80% market share.
The Company has further applications for gas with its ADM(TM) device which allows "smart" functions such as remote reading and half hourly consumption data to be offered to customers in addition to the normal metering services. Longer term the company also has additional applications for water and LPG.
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
This information is provided by RNS
The company news service from the London Stock Exchange