Smart Metering Systems PLC - Glasgow-based provider of end-to-end services in all aspects of utility connections, smart metering and energy management - Wins two domestic smart meter contracts and acquires Industrial & Commercial half hourly electricity meter portfolio. Says the contracts are with two unnamed growing independent energy suppliers to provide services as an integrated domestic smart meter installer and meter asset provider. Notes the contract will enhance Smart Metering Systems's contracted smart meter order pipeline to 2.5 million meters.
Acquires portfolio comprising 15,000 I&C large power half hourly electricity meters for GBP8.3 million. Notes the assets have an average life of 4.6 years and will add GBP1.1 million meter rental to its revenue. The transaction is scheduled to complete in early April.
"These wins underpin our robust end-to-end integrated model and will further expand our long-term indexed-linked annualised recurring revenue. In addition, the acquisition of the I&C half hourly meter portfolio is testament to the strength of SMS's data platforms, which enables the group to consolidate such value accretive opportunities and further leverage its well-established infrastructure," says Chief Executive Alan Foy.
Current stock price: 727.99 pence, up 4.8% on Wednesday
Year-to-date change: up 2.4%
By Zoe Wickens; zoewickens@alliancenews.com
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