Profits and revenues jump at Smart Metering Systems

Gas meter specialist Smart Metering Systems (SMS) has reported a sharp rise in annual profits after revenues rose by a third, boosted by new contracts with Eon and SSE.

The Glasgow-based firm, which floated on the Alternative Investment Market (Aim) in 2011, posted a pre-tax profit of £5.2 million 2012, up from £3.3m the previous year, on revenues of £21m.

Shareholders are in line for a final dividend of 1.15p a share, giving a total for the year of 1.65p.

Chief executive Alan Foy said: “In our second year since our Aim admission we have delivered another strong set of results against our strategy of ongoing accumulation of meter assets and the introduction of our smart meter technology.

“Our second-half performance in particular has been very pleasing building on contracts won in 2011 and 2012. We continue to strengthen our team and our financial resources and look to 2013 for another successful year.”