If the metering industry needed evidence that the UK’s mandated smart meter rollout is having a positive economic impact, the financial disclosure of gas meter supplier Smart Metering Systems (SMS) provides a prime example.
The Scottish-based company today revealed a surge in first-half profits with a shareholder dividends up by over a third.
SMS, which recently won a deal to supply meters to British Gas for about half of the energy company’s business customers, posted a pre-tax profit of GBP4.6 million for the six months to the end of June, up from GBP3.3m a year earlier.
Revenues increased by 44 per cent to GBP18.9m, helped by the acquisition of electricity meter specialist Utility Partnership in April.
Chief executive Alan Foy said: “SMS has recorded another six months of strong trading, marked by further milestones for the company including an acquisition and a significant contract win.
“SMS has grown in line with expectations and is well positioned in its markets following the acquisition and integration of Utility Partnership’s complementary electricity business activities and the announcement of a new contract from British Gas Business, which will have a positive impact over the next three years.”