Smart Metering Systems PLC Post-Close Trading Update (9314V)
February 03 2017 - 2:00AM
UK Regulatory
TIDMSMS
RNS Number : 9314V
Smart Metering Systems PLC
03 February 2017
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 installs, owns and manages utility metering
assets, is pleased to provide the following update on trading in
the year ended 31 December 2016.
The Company's continued investment in its gas and electricity
metering portfolio saw the total number of assets under management
increase by approximately 28% to 1.25m by 31 December 2016. This
figure includes 51,000 gas and electricity domestic smart meters
installed towards the end of 2016, in the new domestic smart meter
market.
During 2016, SMS signed contracts for the installation and
ownership of gas and electricity domestic smart meters with 8
energy suppliers who currently supply c. 2.5m consumers.
Total annualised recurring income increased by 20% to GBP41.3m
as at 31 December 2016. In the Gas division, meter recurring rent
grew by 13% to GBP31.48m, while data recurring income increased 17%
to GBP2.58m. In the Electricity division, meter recurring rent more
than doubled to GBP2.91m and data recurring income grew 26% to
GBP4.33m.
Based on unaudited management accounts for the period, SMS
expects that its results for the year to 31 December 2016 will be
in line with current market expectations and these will be
published late March 2017.
Alan Foy, Chief Executive Officer, commented:
"2016 has been a transformational year for SMS with the
evolution of our business model into a fully integrated service
provider, in line with the requirements of our customers. The
success of this strategy has been evidenced by our continued
delivery of year-on-year double digit growth on all our key
metrics.
The domestic smart meter market continues to move apace and we
have signed contracts with some of the fastest growing energy
suppliers in the UK. "
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
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. The
Company's services include the installation of a gas/electricity
supply/connection, the procurement, installation and management of
a gas or electricity meter asset, 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 is listed on AIM 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
for Business, Energy and Industrial Strategy and aims to install
smart meters in all homes and small businesses across the UK by
2020.
While BEIS 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 showing how much is being used minute by minute and allowing
savings to be made by turning off appliances which are not being
used. It also means an end to estimated bills as with smart meters
the bill will always be accurate and exactly what customers are
expecting. The smart meter will also provide more accurate feedback
to the energy companies on the level of demand which will make
balancing the electricity system easier and cheaper.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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