Glasgow-based Smart Metering Systems has now installed energy meters in one million homes.
In its half year-results, the firm said its revenue had increased in line with expectations by 14.1% in those six months to £85.9 million, ahead of expectations, as it fitted another 156,000 domestic smart meters.
Its total number of metering and data assets under management for homes and businesses increased by 10.5% to 3.46 million.
The firm says it has a strong order book and is well prepared for an increase in the rate of domestic smart meter installation run-rate, with the UK Government's smart meter programme requiring all UK households and small businesses to be offered a smart meter by 2020.
Chief executive Alan Foy said: "We have now installed over one million smart meters. Although installation rates in H1 have been impacted by the transition to SMETS2 meters, we have continued to build our recurring revenue base, ahead of our expectations.
“Momentum in the installation rate is now building across the industry. Throughout H1, and in line with our longer term strategy, we are retaining the financial, technical and people resources necessary to support a substantial increase in activity in H2 and beyond.
"We are well prepared to increase significantly our installation run-rate in H2 compared to H1, as industry-wide activity picks up. We also continue to experience strong demand as societal, regulatory and environmental factors drive the requirement for smart energy management.
“The Group has a strong portfolio of meter and data assets which generates index-linked, long-term recurring revenues. We are looking at options to monetise the value of a minority of our meter asset portfolio to support our future growth.”
Smart Metering said it has contracts with 12 independent energy suppliers offering the opportunity to supply another four million customers. The group has secured a framework agreement with British Gas and Opus Energy to install smart meters across their industrial and commercial customer base.
