SMS revenues spark up as meter portfolio grows

Smart Metering Systems (SMS), the Glasgow-based power meter supplier, today reported higher revenues on the back of an expanding portfolio of assets.

The firm, chaired by former John Menzies finance director Paul Dollman, said its total number of gas meters under management has grown more than 5 per cent to almost 638,000, while its electricity meter portfolio swelled 39 per cent to 16,658.

As a result, annualised recurring revenues have risen by more than 10 per cent since the start of the year to reach £29 million as of the end of April.

In a statement ahead of the firm’s annual meeting, Dollman said the company was making “significant progress” this year, which marks its 20th anniversary.

He added: “We continue to see the benefits of our expanded service offering across both the gas and electricity sectors and the positive impact of a fully integrated service in these markets for our customers.”