(Alliance News) - Smart Metering Systems PLC on Tuesday lifted its payout for 2019, as earnings grew on the smart meter rollout programme.
The Glasgow-headquartered company also said it has signed a partnership agreement with the Columbia Threadneedle Sustainable Infrastructure Fund to develop its pipeline of carbon reduction asset opportunities.
The partnership allows Smart Metering Systems to identify suitable carbon reduction assets and develop its energy efficient projects pipeline, and Columbia Threadneedle Sustainable Infrastructure Fund to deploy capital and ultimately own sustainable assets on behalf of its investors.
Turning back to results, the AIM-listed company, which installs smart meters and manages carbon reduction assets, said pretax profit grew by 2.1% in 2019 to GBP5.5 million from GBP5.4 million a year prior. The growth was boosted by higher revenue, which increased by 16% to GBP114.3 million from GBP98.5 million year-on-year.
As a result, Smart Metering Systems declared a dividend per share of 6.88 pence for the year, up 15% from 5.98p it paid in 2018.
Smart Metering Systems said its smart meter portfolio grew 44% to 1.2 million meters, adding 369,000 smart meters in the year, and it expects installation run rates to be more evenly spread going forward.
"A combination of our strengthened balance sheet to support our smart meter rollout programme, todays' partnership announcement with Columbia Threadneedle Sustainable Infrastructure Fund and our energy management division's track record, positions us extremely well to accelerate and rapid expand our carbon reduction assets in the current and emerging electricity generation, storage, lighting, heating and transportation markets," said Chief Executive Alan Foy.
Smart Metering Systems shares were trading 8.8% higher in London on Tuesday at 617.00p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.