The Glasgow-based company that installs, owns and manages household utility meters for UK energy suppliers has reported a positive financial year-ending 31 Dec 2016 as it eyes up the potentially lucrative British smart-meter programme.
Continued investment in its gas and electricity metering portfolio saw the total number of assets under management by AIM-listed Smart Metering Systems increase by approximately 28% to 1.25 million.
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 eight energy suppliers who currently supply around 2.5 million consumers.
Total annualised recurring income increased by 20% to £41.3 milliion as at 31 December 2016. In the Gas division, meter recurring rent grew by 13% to £31.48 million, while data recurring income increased 17% to £2.58m.
In the Electricity division, meter recurring rent more than doubled to £2.91 million and data recurring income grew 26% to £4.33 million.
The British domestic smart meters project – overseen by the Department for Business, Energy and Industrial Strategy – requires every home and small business in the UK to have a ‘smart’ meter by 2020. This will require approximately 22 million domestic gas meters and 27 million electricity meters to be installed.
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