SMS shares rise after order for new meter

SHARES in Smart Metering Systems (SMS) surged yesterday after the Glasgow-based gas meter supplier notched up the first order for its latest design.

Gas supplier Contract Natural Gas (CNG) has chosen to fit SMS’s “ADM” devices for its commercial and industrial customers.

ADMs can be read remotely via mobile and landline connections, saving companies the cost of sending staff out to read meters, SMS said.

Perth-based utilities giant SSE has also chosen SMS to run its gas meter operations in the UK, apart from in Scotland and the south-east of England, replacing a rival firm.

The deal with SSE will give SMS a much larger share of the domestic has market.

SMS chief executive Alan Foy said: “We are absolutely delighted that these important clients have decided to partner with us to this extent. We concluded 2011 with a meter portfolio of 254,000. These contracts represent a substantial increase in our business and significantly increase our participation in the domestic meter business.”

SMS’s annual report, which was released on Tuesday, showed Foy received a 44 per cent pay rise last year after profits jumped to £5.7 million from £2.9m.

News of the latest deal came as Livingston-based gas meter peer Energy Assets said it had received “approved meter installer” accreditation from Ofgem.