Trading Update (4289X)
15 Februar 2012 - 8:00AM
UK Regulatory
TIDMSMS
RNS Number : 4289X
Smart Metering Systems PLC
15 February 2012
15 February 2012
Smart Metering Systems plc
("SMS" or the "Group")
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. Based on
unaudited management accounts for the 12 months to 31 December
2011, the Group expects that its results will be ahead of current
market expectations. The full year results will be published in
mid-April 2012.
Financial Highlights
-- Strong trading performance for the year to 31 December 2011
-- Successful admission to trading on AiM and GBP10m of gross proceeds raised in July 2011
-- Increased lease finance facility made available by Clydesdale
Bank plc in October 2011, extending the available facility from
GBP12m to GBP19.5m
-- Revenue increased by 29% to GBP16m (2010: GBP12.4m)
-- Gross profit increased by 62% to GBP8.9m (2010: GBP5.5m)
-- Adjusted EBITDA* increased by 97% to GBP5.7m (2010: GBP2.9m)
*Excluding exceptional items
Operational Highlights
-- Gas meter portfolio increased to 254,000 at 31 December 2011,
an increase of c.12% from IPO (at 30 June 2011; 227,000) and an
increase of c.19% from the previous year (2010: 214,000)
-- Recurring meter rental income increased by 29% to GBP7.6m as
of 31 December 2011 (2010: GBP5.9m)
-- GBP9.2m invested in meter assets during 2011
-- Successful trials of ADM smart metering device with major gas supplier customers
The Group continues to grow its revenue generating meter asset
base from its existing gas supply customers in both the domestic
and the industrial and commercial ("I&C") markets. As reported
at the interim stage, D-ENERGI and Vayu Limited have been added as
contracted customers bringing the total number of gas suppliers
signed under service contracts for the operation and management of
gas meters to 14. Trials have progressed successfully with the now
fully "zone zero" accredited ADM automated meter reading device.
The ADM solution offers our customers a substantially cheaper meter
reading alternative to the current manual read services within the
I&C market - a key incentive for gas suppliers to adopt the
solution.
Alan Foy, Chief Executive Officer, commented:
"We are pleased to provide an update on trading for the last
financial year ahead of market expectations. We have made solid
progress since the flotation in July 2011 with investment in meter
assets increasing and with the ADM device continuing to trial very
successfully. We have also strengthened the senior management team
and are confident of further growth during 2012."
Smart Metering Systems plc 0141 249 3850
Alan Foy, Chief Executive Officer
Glen Murray, Finance Director
Cenkos Securities 0131 220 6939 / 0207 397 8900
Ken Fleming
Jon Fitzpatrick
Kreab Gavin Anderson 020 7074 1800
Ken Cronin
Anthony Hughes
Notes to Editors
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.
Currently the Company is concentrating its efforts on offering
its unique integrated services to the UK industrial and commercial
gas market in which its customers have an 80% market share.
Longer term the company has further applications for water and
LPG and has started trialling its new advanced metering system, the
ADM(TM), which will allow "smart" applications 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, for
more information on SMS please visit the Company's website:
www.sms-plc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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