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.
- 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%)
- PBT increased by 4% to £18.2m (2015:17.5m) 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.