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20 May 2021 07:00
20 May 2021
Smart Metering Systems plc
AGM update
Smart Metering Systems plc (AIM: "SMS", the "Group"), a fully integrated energy infrastructure company owning and managing meter assets, energy data, grid scale batteries and other carbon reduction (CaRe) assets, will hold its Annual General Meeting later today.
In line with previous guidance, the meeting will be subject to limited attendance with only Directors, or their proxies, present in person. Accordingly, SMS provides the following update regarding the Group's current trading, FY21 outlook and financial position.
Trading and FY21 outlook
At 30 April 2021, the Group's total Index Linked Annualised Recurring Revenue ("ILARR") was £83.1 million (31 December 2020: £77.0 million), including the ILARR from the Industrial & Commercial ("I&C") Half Hourly ("HH") electricity meter portfolio and associated data service contracts acquired in April 2021.
The meter installation run rate has continued to improve, with installations in April 2021 above the pre-Covid run rate. If the recovery continues, the Group expects this to improve further.
Delivery of the secured 190MW, and development of the additional 280MW pipeline, of grid-scale battery projects is on track and progressing well.
The Group is currently trading in line with the Board's expectations.
Financial position
Liquidity remains strong with £28.4 million cash in hand (31 December 2020: £40.2m) and undrawn banking facilities of £276.8 million (31 December 2020: £300.0 million).
We will continue to keep shareholders informed of our progress including a half year trading update in late July.
For further information:
Smart Metering Systems plc | 0141 249 3850 |
Alan Foy, Chief Executive Officer |
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Dilip Kejriwal, Head of Investor Relations |
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Cenkos Securities plc (Joint Broker and Nomad) | 0131 220 6939 |
Neil McDonald / Pete Lynch | / 020 7397 8900 |
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Investec Bank plc (Joint Broker) | 020 7597 5970 |
Christopher Baird / Henry Reast |
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RBC Capital Markets (Joint Broker) | 020 7653 4000 |
Matthew Coakes / Evgeni Jordanov |
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Instinctif Partners | 020 7457 2020 |
Tim Linacre / Guy Scarborough / Sarah Hourahane / Hannah Campbell | sms@instinctif.com |
Notes to Editors
Smart Metering Systems plc (www.sms-plc.com) installs and manages smart meters, data, grid scale batteries and carbon reduction assets ("CaRe") to facilitate effective energy management. The Group manages and optimises these assets through its in-house technology and data analytical platform.
Established in 1995, SMS provides a full end-to-end service, from funding and installation to management and maintenance, with a highly skilled workforce, deep engineering expertise and well-established industrial partnerships.
SMS is leading the low carbon, smart energy revolution in the UK and is committed to reducing its own carbon emissions to net zero by 2030. In 2019, SMS was also awarded the London Stock Exchange Green Economy Mark.
SMS plc is headquartered in Glasgow with a national presence across twelve UK locations.
SMS's shares are listed on AIM.
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