The number of smart meters in Glasgow-based technology outfit Smart Metering Systems’ (SMS) portfolio jumped by 44% last year to break through the one million mark.
The total number of meters and other devices installed by the company rose by 19% during the year to hit 3.7 million, helping recurring revenues to climb by 20% to £90.7 million. Recurring revenues from meters grew by 23% to £77.8 million, while income from other equipment stood at £12.3 million.
Smart meters brought in £38 million of recurring revenues, with traditional domestic meters adding £18.6 million and industrial and commercial (I&C) meters contributing £21.2 million. The company expects its full-year results on 17 March to hit City expectations.
SMS welcomed the UK Government’s commitment to the rollout of smart meters for homes and small businesses in last month’s Queen’s speech and noted ministers’ plans to introduce compulsory annual targets for energy suppliers to install the devices. But it admitted that the extension of the deadline for installations until 2024 gave energy companies more flexibility, so installations are expected to be spread out more evenly.
Chief executive Alan Foy said: “This year marks our 25th anniversary, a testament to SMS’s secure business foundation and long-term business model. SMS will continue to address the smart meter roll-out opportunity over the extended rollout period, with focus on securing long-term inflation-linked, sustainable revenue streams supported by an ongoing cost discipline and an efficient long-term capital structure.”
