Smart Metering Systems PLC Post-Close Trading Update (8856D)

TIDMSMS

RNS Number : 8856D

Smart Metering Systems PLC

05 February 2018

Smart Metering Systems plc

("SMS" or "the Company")

Post-Close Trading Update

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 GBP57.0m as at 31 December 2017. In the Gas division, meter recurring revenue grew by 15% to GBP36.1m, while data recurring revenue increased 15% to GBP3.0m. In the Electricity division, meter recurring revenue nearly tripled to GBP11.2m and data recurring revenue grew 56% to GBP6.7m.

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.

Alan Foy, Chief Executive Officer, commented:

"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 GBP150million equity placing and refinancing of our GBP280million bank facility in November 2017 provides us with an extremely strong financial platform to help our customers complete their domestic smart meter programmes."

For further information:

 
 Smart Metering Systems 
  plc                         0141 249 3850 
 Alan Foy, Chief Executive 
  Officer 
 David Thompson, Chief 
  Financial Officer 
 Craig McGinn, Company 
  Secretary 
                              0131 220 6939 / 0207 
 Cenkos Securities plc         397 8900 
 Neil McDonald 
 Beth McKiernan 
 Kreab                        020 7074 1800 
 Matthew Jervois 
 Daniel Holgersson 
 
 

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.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 05, 2018 02:25 ET (07:25 GMT)