SMS unveils maiden dividend as profits soar

Gas meter specialist Smart Metering Systems (SMS) today announced it would pay shareholders a maiden dividend of 0.5p per share as it reported an 88 per cent jump in first-half profits.

The Glasgow-based firm, which listed on Aim in July 2011, posted a pre-tax profit of £2.9 million for the six months to 30 June, up from £1.5m a year earlier, on revenues 25 per cent higher at £9.3m.

Chief executive Alan Foy said the group had won a number of significant contracts in both the domestic and industrial and commercial (I&C) sectors, as well as securing the first sales of its automated reading system, called ADM.

He added: “We look forward to the future with confidence, which underpins our decision to announce our maiden dividend to shareholders.”