Smart Metering Systems PLC Post-Close Trading Update (3792N)
January 29 2016 - 2:00AM
UK Regulatory
TIDMSMS
RNS Number : 3792N
Smart Metering Systems PLC
29 January 2016
29 January 2016
Smart Metering Systems plc
("SMS" or "the Company")
Post-Close Trading Update
Smart Metering Systems plc (AIM: SMS.L), the integrated metering
services company that connects, owns, operates and maintains
current generation and new advanced metering assets and databases,
is pleased to provide the following update on trading in the year
ended 31 December 2015.
SMS experienced continued growth in trading performance across
all segments of the business in 2015, its 20(th) anniversary year,
with double digit growth in all income streams. Significantly, the
Company has also announced a number of new contract wins in the
domestic smart meter market since the period end.
The Company's continued investment in its gas meter portfolio
saw the total number of gas meters under management increase by
approximately 21% to 734,000 by 31 December 2015, with notable
growth in the second half of the year.
Total annualised recurring income increased to GBP34.55M as at
31 December 2015. In the Gas division, meter recurring rent grew by
27% to GBP27.8m, while data recurring income increased 110% to
GBP2.1m. In the Electricity division, meter recurring rent
increased 129% to GBP1.25m and data recurring income grew 25% to
GBP3.4m.
SMS has now deployed over 74,000 ADM(TM) devices and has been
successful in receiving full accreditation for the water market in
the UK. From 1 April 2017 non-household water customers will be
able to change their water supplier and advanced metering solutions
are expected to play a significant role in enabling the development
of a competitive market in water supply.
With the opening of the domestic smart meter market, SMS signed
five framework agreements with independent energy suppliers
including RHE, Green Energy, Flow Energy, Spark Energy and Our
Power. Together, they supply 386,000 homes and are part of the
fastest-growing segment of the retail energy supply market. The
Company is well positioned to continue gaining market share in the
roll out of the Government's domestic smart meter programme, which
is overseen by the Department of Energy and Climate Change.
Based on unaudited management accounts for the period, SMS
expects that its results for the year to 31 December 2015 will be
in line with current market expectations and these will be
published in mid-to-late March 2016.
Alan Foy, Chief Executive Officer, commented:
"2015 has seen continued growth and expansion of our core
business. We are delighted with another strong period of trading
during our 20(th) anniversary year. The business consistently
delivers year-on-year double digit growth and has an established
and growing market position. Along with the significant
opportunities available to SMS in the domestic smart meter market,
we will continue to focus on building out our order book in the
I&C market and we remain confident in our outlook for the
business and market development in 2016."
For further information:
Smart Metering Systems
plc 0141 249 3850
Alan Foy, Chief Executive
Officer
Glen Murray, Finance Director
0131 220 6939 / 0207 397
Cenkos Securities plc 8900
Neil McDonald
Nick Tulloch
Kreab 020 7074 1800
Matthew Jervois
Natalie Biasin
Chris Philipsborn
Daniel Holgersson
Notes to Editors
About Smart Metering Systems
Established in 1995, Smart Metering Systems plc, based in
Glasgow, connects, owns, operates and maintains metering systems
and databases on behalf of major energy companies. The Company
provides a fully integrated service from beginning to end to cover
the installation of a gas/electricity supply/connection to the
procurement, installation and management of a gas or electricity
meter asset to the collection and management of customer data and
ongoing energy management services.
The Company has further applications for gas with its ADM(TM)
device which allows "smart" functions such as remote reading and
half-hourly consumption data to be offered to customers in addition
to the normal metering services. The Company was admitted to the
AIM market in July 2011 and is now part of the FTSE AIM 50 index.
For more information on SMS please visit the Company's website:
www.sms-plc.com.
About UK Domestic Smart Meter Market
The domestic smart meters project is overseen by the Department
of Energy and Climate Change and aims to install smart meters in
homes and small businesses across the UK by 2020.
While DECC are responsible for the overall project management
and monitoring, Ofgem are responsible for ensuring customers are
protected during the installation phase. Capita has been appointed
as the project manager for the data communications standards and
Smart Energy GB (a Government funded body) are responsible for the
communications campaign.
Market size and outlook
This initiative requires every home and small business in the UK
to have smart or advanced meter functionality by 2020. This will
require significant investment for rolling out and replacing
approximately 22 million domestic gas meters and 27 million
electricity meters.
Consumer benefits
Smart meters will help consumers to control their energy costs
by seeing how much they are using minute by minute and allow them
to identify savings to be made by turning off appliances which are
not being used. This also means an end to estimated bills as with
smart meters the bill will always be accurate and exactly what
customers are expecting. They will also provide more accurate
feedback to the energy companies of the level of demand which makes
balancing the electricity system easier and cheaper to balance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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