TIDMSMS
RNS Number : 4372P
Smart Metering Systems PLC
08 February 2019
This announcement contains inside information
Smart Metering Systems plc
("SMS" or "the Company")
New Domestic smart meter contract win and Post-Close Trading
Update
New Domestic smart meter contract win
Smart Metering Systems plc (AIM: SMS.L) ("SMS"), the integrated
metering services company that connects (installs), owns, operates
and maintains UK metering assets, is pleased to announce that it
has signed an agreement with Co-operative Energy Limited
("Co-Operative Energy") to provide services as an integrated
domestic smart meter installer and Meter Asset Provider.
Under the terms of the agreement, SMS has been appointed as the
preferred supplier to fund and install domestic smart meters on
behalf of Co-operative Energy in certain defined geographic areas.
Co-operative Energy currently has around 326,000 meter points
within the areas in which SMS has been appointed as preferred
supplier.
This forms part of the UK Government programme, overseen by the
Department of Business, Energy and Industrial Strategy (BEIS),
requiring domestic energy supply companies to provide all of their
customers with a smart meter in homes and small businesses across
the UK by 2020.
Post Close Trading Update
The Company's continued investment throughout the year saw the
total number of metering and data assets under management increase
by approximately 54% to 3.13m by 31 December 2018 (2.03m at 31
December 2017). This figure includes a portfolio of 846,000
domestic smart meters representing a 100% increase year on year
(423,000 domestic smart meters at 31 December 2017).
Total annualised recurring revenue increased by 32% to GBP75.3m
as at 31 December 2018. In the Gas division, meter recurring
revenue grew by 19% to GBP42.9m, while data recurring revenue
increased 6% to GBP3.1m. In the Electricity division, meter
recurring revenue nearly doubled to GBP20.3m and data recurring
revenue grew 34% to GBP9.0m.
Based on unaudited management accounts for the period, SMS
expects that its results for the year to 31 December 2018 will be
in line with current market expectations and these will be
published mid-March 2019.
Alan Foy, Chief Executive Officer, commented:
"2018 has seen continued growth and we are delighted with
another strong period of trading allowing us to deliver for our
customers in the fast-growing domestic smart meter market.
"We are delighted to be working with Co-operative Energy, a
sustainable long-term business which is owned by its members and
aims to provide 100% green electricity to all of its customers.
Co-Operative Energy is, like SMS, committed to leading the smart
energy revolution and we look forward to bringing the benefits of
smart meters to its customers."
For further information:
Smart Metering Systems plc 0141 249 3850
Alan Foy, Chief Executive Officer
------------------------------
David Thompson, Chief Financial
Officer
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Craig McGinn, Company Secretary
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Dilip Kejriwal, Head of Investor
Relations
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Cenkos Securities plc 0131 220 6939 / 0207 397 8900
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Neil McDonald
------------------------------
Beth McKiernan
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Kreab 020 7074 1800
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Matthew Jervois
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Notes to Editors
About Smart Metering Systems
Established in 1995, Smart Metering Systems plc, headquartered
in Glasgow, installs, owns, operates and maintains gas and
electricity meters on behalf of major energy companies in the UK
energy and utilities market.
The SMS Meter Assets business delivers long term stable income
from over 3 million utility metering and data assets.
The SMS Asset Installation business installs gas and electricity
meter assets for the Meter Asset business through engineering
workforce across the UK.
SMS provide energy management and consultancy services to
support large blue-chip companies in the UK, through a network of
offices across the UK.
The energy management and asset installation services also
include infrastructure design, installation, consultancy and
project management services for new gas, electricity, water and
telecoms connections for licenced energy and telecoms suppliers,
end consumers and the UK's licenced electricity Distribution
Network Owners (DNO's).
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.
Smart Metering Systems plc is listed on the AIM market of the
London Stock Exchange (SMS)
Registered Office: 48 St. Vincent Street, Glasgow G2 5TS
Registered in Scotland number: SC367563
Legal Entity Identifier number: 213800FGOUFSDPE33S71
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END
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