SMS hails strong growth for smart energy meters

Alan Foy said SMS enjoyed 'strong' trading during its 20th anniversary year

Alan Foy said SMS enjoyed 'strong' trading during its 20th anniversary year

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Smart energy meter supplier SMS today said it had enjoyed double-digit growth across all its income streams during 2015.

In a trading update, the Glasgow-based firm said recurring rents from gas meters grew 27 per cent to £27.8 million in the 12 months ending 31 December, with total annualised recurring income of almost £34.6m.

The Aim-quoted group, which is celebrating its 20th year of operations, said continued investment in its gas meter portfolio saw the total number of meters under management increase by about 21 per cent to 734,000, with “notable growth” in the second half of the year.

As well as supplying gas and electricity meters to industrial and commercial customers, SMS is making a move into the domestic market and has received full accreditation for the non-domestic water market, which was deregulated in Scotland in 2008 with competition set to be introduced to the rest of the UK next year.

READ MORE: SMS boosts presence in domestic smart meter market

Chief executive Alan Foy said: “2015 has seen continued growth and expansion of our core business. We are delighted with another strong period of trading during our 20th anniversary year.

“The business consistently delivers year-on-year double-digit growth and has an established and growing market position. Along with the significant opportunities available to SMS in the domestic smart meter market, we will continue to focus on building out our order book in the industrial and commercial market and we remain confident in our outlook for the business and market development in 2016.”

SMS is due to publish its annual results in March and the firm said the figures are expected to be in line with City hopes.

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