SMS profits boosted by electric meter deal

Gas meter specialist Smart Metering Systems (SMS) today reported a jump in annual profits as it benefited from last year’s takeover of electricity meter manager UPL.

Underlying pre-tax profits at the Glasgow-based group rose to £12.8 million for 2104, up from £7.7m a year earlier, as the UPL deal helped revenues surge 52 per cent to £42.4m.

SMS paid £14m for the business in April, marking its first ever acquisition and expanding its customer base.

Chief executive Alan Foy said: “Everything we had envisaged for the UPL acquisition has come to fruition in less than a year. We have successfully integrated UPL into SMS, increased our recurring income streams and we have already expanded customer relationships to benefit from our new dual-fuel service offering.

“We are well positioned for continued growth as we progress through 2015, our 20th year in business.”

SMS proposed a final dividend of 1.88p a share, lifting the total payout for the year by 22 per cent to 2.82p.