Smart meters firm SMS secures £150m credit line

SMS, the Glasgow-based smart energy meter supplier, has agreed a new £150 million revolving credit facility.
SMS chief Alan Foy said the firm has secured a 'significant additional source of finance'SMS chief Alan Foy said the firm has secured a 'significant additional source of finance'
SMS chief Alan Foy said the firm has secured a 'significant additional source of finance'

The arrangement, with a club of lenders comprising Bank of Scotland, Barclays and Santander, replaces an existing £105m facility that included Clydesdale Bank.

Aim-quoted SMS said the increased borrowing power, on improved terms, will give it “significant additional financial flexibility” as it seeks to accelerate its growth and ramp up investment across the industrial and commercial market, as well as helping with the roll-out of smart power meters for households.

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Chief executive Alan Foy said: “I am delighted that our lenders continue to show such great support for SMS and its strategy. The improvement to an already competitive facility will provide SMS with a significant additional source of finance.”

The firm, which is celebrating its 20th year of operations, is due to publish its annual results by the end of this month. In a trading update in January, SMS said recurring rents from gas meters grew 27 per cent to £27.8 million during 2015, with total annualised recurring income of almost £34.6m.