Glasgow smart meters firm hails '˜transformation'

Smart Metering Systems (SMS) today posted a 4 per cent rise in profits following a 'year of transformation' for the Glasgow company.

SMS chief executive Alan Foy said the Glasgow firm has enjoyed a 'strong start' to 2017. Picture: Contributed

The Aim-quoted firm has completed a trio of takeovers – meter suppliers CH4 and Trojan Utilities, along with IT company Qton Solutions – as it prepares for a UK-wide rollout of domestic smart energy meters.

Sign up to our daily newsletter

The i newsletter cut through the noise

Results today showed that the group’s pre-tax profits rose to £18.2 million for 2016, up from £17.5m a year earlier, with revenues jumping 25 per cent to £67.2m.

SMS chief executive Alan Foy said: “2016 has been a year of transformation for the business as it grew to over 1.25 million utility metering and data assets under management, generating £41.3m in annually recurring index-linked income.

“We have seen a strong start to 2017 and are well positioned to continue making progress in our core markets.”

A final dividend of 2.73p a share was proposed, to be paid on 1 June, lifting the total payout for the year to 4.1p.