(Sharecast News) - Smart meter and meter reading provider Calisen has been awarded preferred bidder status on a further 1.3 million smart energy meters, it announced on Monday, increasing its estimated smart meter pipeline to 7.5 million meters.
The FTSE 250 company said combining the 5.7 million revenue-generating smart meters as at 30 September with the updated pipeline of 7.5 million meters increased its projected 2025 smart meter portfolio to about 13.2 million meters.
That took Calisen's projected 2025 portfolio beyond management expectations at the time of its initial public offering.
Looking at its operations, Calisen said that in the third quarter, the revenue-generating smart meter portfolio increased by 0.2 million meters to the 5.7 million figure on 30 September, which was in line with expectations.
"I am pleased to report that our expected smart meter pipeline has increased by over one million meters," said chief executive officer Bert Pijls.
"This brings our projected portfolio at the end of the roll-out to 13.2 million meters, compared to the 11.9 million meters reported in August.
"Securing extra meter volumes in this way is testament to the great work of our team and our trusted collaboration with energy retailers, helping them deliver on their commitments under the Government's smart meter implementation plan."
Pijls said that, by adding more meters to its pipeline, Calisen was growing its market share beyond its own expectations.
"I am confident that the combination of our resilient business model and financial strength should see the group deliver solid growth as we build out our even larger meter portfolio over the medium term."
At 0848 GMT, shares in Calisen were down 0.83% at 167.8p.
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