Smart Metering Systems hikes dividend as profits grow

Smart Metering Systems (SMS) has announced a 27 per cent hike in its interim dividend after unveiling higher half-year sales and profits.

Alan Foy, CEO of Glasgow-based Smart Metering Systems. Picture: Contributed

The Glasgow-based firm, which saw its total gas and electricity meter portfolio swell by more than a third to almost 1.7 million units during the first six months of the year, said shareholders would receive a dividend of 1.74p a share on 24 November.

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The news came as the Aim-quoted company reported a 17 per cent rise in underlying pre-tax profits to £18.1 million for the first half ending on 30 June, on revenues 14 per cent higher at £36.8m.

SMS chief executive Alan Foy said: “The first half of 2017 realised the start of the domestic smart meter roll out for SMS. Domestic smart metering is a clear focus of SMS whilst we continue to deliver our order book in the industrial and commercial metering space.

“I am delighted with the progress over the last six months and look forward to continued progress.”