SMS reveals 43% profit jump on higher meter sales

Gas meter supplier Smart Metering Systems (SMS) today said its profits soared 43 per cent last year as sales of its products rose by a third.

The Glasgow-based firm reported a pre-tax profit of £7.5 million for 2013, up from £5.2m a year earlier, on revenues 33 per cent higher at £27.9m.

Aim-quoted SMS said shareholders were in line for a total dividend for the year of 2.31p a share – an increase of 40 per cent on 2012.

Chairman Paul Dollman – the former finance chief of Edinburgh-based logistics group John Menzies – said: “The group continues to make progress based on our strategic priorities and we view the outlook for the market in 2014 as very promising for our business model.”