(Alliance News) - Smart Metering Systems PLC on Wednesday said it expects annual profit to be marginally ahead of previous expectations as it plans to up its dividend by 10% in 2022.
Smart Metering Systems is a Glasgow-based smart meter and energy management company.
For six months ended June 30, the company said 230,000 smart meters were installed, with average monthly run-rate at more than 40,000 meters, compared to 30,000 meters average per month in 2021.
"We have a resilient diverse supply chain in place and the meter stock within our UK warehouses to support this continued run-rate," SMS noted. It expects to install at least 450,000 smart meters during 2022.
Index-linked annualised recurring revenue grew 8.0% to GBP93.1 million at June 30 from GBP85.9 million at December 31.
Chief Executive Officer Tim Mortlock said: "Our existing pipeline of meter assets and grid-scale battery storage assets alone is well on track to hit our medium-term growth expectations, with significant additional opportunities for growth in our established carbon reduction asset classes and in developing CaRe products and services."
SMS expects to pay a dividend of 30.25 pence per share for 2022, representing a 10% increase from 27.50 pence year-on-year, in line with policy.
Net cash at June 30 amounted to GBP38.6 million.
Looking ahead, SMS expects underlying profitability to be marginally ahead of previous expectations. It said it is confident in the medium term outlook.
Shares were up 0.6% at 917.00 pence each on Wednesday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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Smart Metering Systems (SMS)