Smart Metering Systems PLC - Glasgow-based provider of end-to-end services in all aspects of utility connections, smart metering and energy management - Revenue and underlying profit in line with the company's expectations for the six months to June 30. The company sees increases across the board, with meter and data asset index linked annualised recurring revenue increasing 4.6% to GBP75.9 million, domestic smart meter ILARR increasing 7.4% to GBP40.9 million, data assets growing 2.2% to GBP12.5 million, and industrial commercial meters growing 16% at GBP4.2 million. Traditional domestic meter ILARR was the only one to see a decrease, of 1.6% to GBP18.3 million. SMS plans to exchange these traditional meters for smart meters in the near future. SMS was minimally affected by Covid-19 and expects smart meter installation run-rate to return to pre-Covid levels by the beginning of 2021. The company is to publish its first-half results on September 15.
Current stock price: 614.12 pence
Year-to-date change: up 8.7%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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