Smart Metering Systems PLC - Glasgow-based provider of end-to-end services in utility connections, smart metering and energy management - Reports decline in interim earnings and outlines capital raise plans. For six months to June 30, revenue falls 5% to GBP51.7 million from GBP54.2 million last year and pretax profit plunges to GBP5.0 million from GBP194.5 million. Declares interim dividend of 18.75 pence, up from 4.58 pence a year before.
Separately, proposes equity raise to part-fund significant growth opportunities. Smart Metering says it will raise around GBP175 million by placing shares. The number and pricing will be announced after the close of the bookbuild.
Current stock price: 1,024.00 pence
Year-to-date change: up 41%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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