TIDMSMS
RNS Number : 1643N
Smart Metering Systems PLC
04 September 2013
04 September 2013
Smart Metering Systems plc
("SMS" or "the Company")
Interim Results for the six months ended 30 June 2013
Smart Metering Systems plc (AIM: SMS.L) is pleased to announce
its interim results which show continuing growth for the six months
ended 30 June 2013 and an increased dividend to shareholders.
Financial Highlights
-- Revenue increased by 42% to GBP13.2m (H1 2012:GBP9.3m)
-- Recurring meter rental increased by 43% to GBP6.0m (H1 2012
GBP4.2m) representing 46% of total revenue
-- Gross Profit increased by 40% to GBP8.1m (H1 2012:GBP5.8m)
-- Adjusted EBITDA* increased by 37% to GBP5.5m (H1 2012:GBP4.0m)
-- Basic earnings per share increased to 3.27p (H1 2012: 2.60p)
-- Interim dividend increased by 40% to 0.7p per ordinary share
-- Available cash and unused debt facility of GBP25.5m
*Excluding exceptional items and fair value adjustments
Operational Highlights
-- Total meter portfolio increased by 18% to 401,000 from end of
December 2012 (December 2012: 341,000)
-- Increase of 78% in capital investment in meter assets to GBP10.5m (H1 2012: GBP5.9m)
-- Increase in annualised recurring meter rental at 30 June 2013
of 43% to GBP13.0m (H1 2012: GBP9.1m)
-- Contract extensions or additions with a number of major customers
-- Energy Brokers served increased to 11 from 5 at December 2012
-- ADM(TM) installations increased to over 7,000 units to date
- Advanced Trials commenced in the Water and LPG markets in the UK
- International trials commenced but at early stage
-- Increase of 41% in asset installation revenue to GBP7.2m (H1 2012: GBP5.1m) of which Gas
Connection business increased turnover by 37% to GBP4.1m (H1
2012: GBP3.0m)
Post Balance Sheet Events
-- Dong Energy contract renewal and extension to include new gas
connections, gas meters and data management services using the
ADM(TM) solution. This is a preferred supplier contract covering
the entire portfolio of meter points to which Dong Energy are the
registered gas supplier.
-- New contract with Opus Energy for gas meters and data
management services including the ADM(TM) solution.
Alan Foy, Chief Executive Officer, commented: "SMS has had
another strong trading period. We have continued to increase the
number of customers we serve and have shown again a significant
increase in our meter portfolio providing on-going recurring
revenue. A number of customers have recently increased the number
of meters required which underlines the quality of service SMS
provides and bodes well for the future. This confidence is
reflected in the increase in dividend we have announced today."
For Further Information:
Smart Metering Systems plc
Alan Foy, Chief Executive Officer
Glen Murray, Finance Director 0141 249 3850
Cenkos Securities
Ken Fleming
Neil McDonald 0131 220 6939 / 0207 397 8900
Kreab Gavin Anderson
Chris Philipsborn
Christina Clark 020 7074 1800
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 and energy
brokers.
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.
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. Longer term the Company also has
additional applications for water and LPG.
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
Chairman's and Chief Executive Officer's Statement
We are pleased to announce continued growth in the first half of
2013, across all our business, in both the number of customers we
serve and also the number of meters in our portfolio.
Our Business
Our business is based on connecting, owning, operating and
maintaining metering systems and databases on behalf of major
energy companies and energy brokers.
Our core focus is on gas meters in the UK, where we aim to:
-- be the market leader in the independent ownership of industrial and commercial meters;
-- establish ADM(TM) as the industry standard smart metering
solution for Industrial and Commercial (I&C) clients; and
-- grow our domestic meters business organically and potentially through new contracts.
We will also seek out new domestic and international markets for
our products and services to widen our footprint in the UK.
Operational Review
During the first half of 2013 the meter portfolio has broken the
400,000 level with an increase of 60,000 in the first six months
mainly as a result of a number of major contract wins in 2012.
The increase in our meter portfolio is reflected in the build-up
of our annualised recurring revenue, providing an increasing
percentage of our total revenue. These recurring revenues are as a
result of the long term nature of our contracts which provide an
index linked revenue stream.
Industrial and Commercial meters
In addition to recent new contract wins with Dong Energy and
Opus Energy, we have had extensions from major customers on
existing contracts.
SMS continues to target the energy broker market which provides
a useful additional revenue stream. The number of brokers has
increased from 5 to 11 since the year end and contracts cover both
the provision of meters and the ADM(TM) device. In addition SMS has
also experienced a greater demand for new meters through its I
& C gas connections activities.
The value of I & C meters is typically much greater than
that of domestic meters and therefore the revenue per meter is
approximately 10-15 times higher on average.
ADM(TM)
The ADM(TM) device is SMS's advanced metering solution which
allows for remote meter reading on a half-hourly basis and has been
designed in line with our own customer requirements.
SMS has now installed over 7,000 ADM(TM) devices. Feedback
continues to be extremely positive. The ability of remote reading
alongside SMS's full service capability in the I & C market
provides a major opportunity for the Company in extending the
service we offer and the ability to seek out further markets for
our overall service.
The Department of Energy & Climate Change (DECC) has
recently announced a delay in the start of the UK domestic smart
metering programme. The Company believes, however, that the small I
& C market will be largely unaffected by this delay as
suppliers are already rolling out advanced solutions for commercial
reasons to allow their customers to benefit from being able to
manage their energy bills at the earliest practicable date rather
than waiting until they are mandated to install smart meters. Based
on the ADM's competitive price and ease of installation and the
ongoing increase in the Company's meter portfolio, SMS expects to
benefit from this delay and also to be well placed when the
mandated smart metering program actually occurs.
Domestic Meters
SMS, as previously announced, has been contracted by SSE to
provide Meter Operations Services in all regions outside of
Scotland and the South-East of England up to April 2014. SMS is on
track to complete the original 180,000 meter program.
SMS will continue to support its existing and potential new
customers in the domestic market for gas meter services, leaving
the business well placed to support our customers in the domestic
smart programme now expected to commence in the autumn 2015
Other Markets
SMS' focus is principally on the UK gas market where it
continues to see good long term growth potential. However the
Company continues to identify and test other potential markets for
its products and services.
In the UK water sector, the Company has moved to advanced trials
with a number of potential customers. Internationally, with the
benefit of funding from Scottish Enterprise, SMS has started trials
for the ADM(TM) device in South Africa and Asia with pre marketing
ongoing in the USA.
Financial Review
Results for the year
During the first half of 2013, the Company increased revenue by
42% to GBP13.2m principally as a result of increasing meters under
ownership and management. Annualised recurring meter rental
revenue, in line with the Company's strategy, increased to GBP13.0m
compared to GBP10.8m at the end of 2012.
Asset installation revenue increased to GBP7.2m (2012 H1:
GBP5.1m) of which the Gas Connection business increased turnover by
37% to GBP4.1m (2012 H1: GBP3.0m)
Administration expenses, at GBP3.9m (excluding exceptional
costs), were up compared to the first half 2012, mainly due to
investment in staff numbers which have increased to over 100, up 30
since the year end. This increase is in line with the growth of the
Company. Depreciation and amortisation increased by 65% to GBP1.3m
due to the increased meter base held by the Company.
Finance costs increased from GBP318k to GBP545k due to higher
outstanding debt in the period as a result of the increase in meter
investment.
Gross profit increased from GBP5.8m (H1 - 2012) to GBP8.1m and
adjusted EBITDA from GBP4.0m (H1 - 2012) to GBP5.5m.
Cash and borrowings
As at 30 June 2013, the Company had net debt of GBP19.5m
(December 2012: GBP13.9m). This comprised debt of GBP26.0m
(December 2012 GBP20.4m) and cash balances of GBP6.5m. Unused
facilities were GBP19.0m.
SMS has a GBP45.0m facility with Barclays Bank PLC (lead bank),
Clydesdale Bank PLC and Lloyds Bank PLC to fund the purchase of
meter assets. Interest is paid quarterly at 2.9% plus three month
rolling LIBOR on the outstanding balance with drawn funds repaid
equally over ten years. 1.45% is paid on undrawn funds. SMS has
entered into a hedging arrangement to swap three-month rolling
LIBOR, currently at c.0.51%, to a fixed 0.90-0.92% over four years
for c.70% of the facility.
Capital investment in meter assets was GBP10.5m compared to
GBP5.9m in the first half of 2012.
Treasury policies
The Company uses interest rate swaps to manage interest rate
fluctuations on interest-bearing loans and borrowings which means
that the Company pays a fixed interest rate rather than being
subject to fluctuations in the variable rate.
Interest rate swaps covered an amount of GBP19.8m as at 30 June
2013 (December 2012: GBP13.2m).
The interest rate swap results in a fixed interest rate of
0.90-0.92%. The termination date for the derivatives is 15
September 2016.
People
Staff numbers have increased during 2013 to over 100.
The most important part of our business is ensuring that we
provide the highest quality of service to our customers, a value
that continues to underpin the business. The results to date this
year reflect the continued dedication of our staff in this
endeavour and we would like to thank them for their continued
support.
During the six months ended 30 June 2013, Steve Timoney retired
from the Board and the Company is actively seeking to recruit an
additional non executive Director.
Dividend
At the time of our admission to AIM, we stated that we intended
to adopt a dividend policy that will take account of the Group's
profitability, underlying growth prospects and availability of cash
and distributable reserves, while maintaining an appropriate level
of dividend cover.
SMS is therefore delighted to announce a proposed interim cash
dividend of 0.7p for the half year ended 30 June 2013 to
shareholders. The interim dividend will be will be paid on 22
November 2013 to those shareholders on the register (record date)
on 18 October 2013 with an ex-dividend date of 16 October 2013.
Outlook
With growth across all sectors in the first half of 2013,
underpinned by an increasing long term recurring meter rental
revenue, SMS looks forward with confidence.
SMS plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2013
6 Months 6 Months
ended ended Year ended
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
REVENUE 13,188 9,272 21,029
Cost of sales (5,115) (3,517) (7,759)
Gross Profit 8,073 5,755 13,270
Administrative expenses (4,230) (2,922) (7,337)
PROFIT FROM OPERATIONS 3,843 2,833 5,933
Attributable to:
-------------------------------------- ---------- ---------- ------------
Operating profit before exceptional
items 4,156 3,184 7,176
Exceptional items and fair value
adjustments (313) (351) (1,243)
-------------------------------------- ---------- ---------- ------------
Finance costs (545) (318) (739)
Finance income 24 23 33
PROFIT BEFORE TAXATION 3,322 2,538 5,227
Taxation (594) (370) (914)
PROFIT FOR THE YEAR
---------- ---------- ------------
ATTRIBUTABLE TO EQUITY HOLDERS 2,728 2,168 4,313
Other comprehensive income
Total comprehensive income 2,728 2,168 4,313
========== ========== ============
Earnings per share - basic (pence) 3.27 2.60 5.18
Earnings per share - diluted (pence) 3.12 2.53 5.00
SMS plc
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
AS AT 30 JUNE 2013
30 June 31 December
2013 30 June 2012 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 1,920 1,890 1,916
Property, plant and equipment 45,721 26,602 36,104
---------- ------------- ------------
47,641 28,492 38,020
---------- ------------- ------------
Current assets
Inventories 692 227 373
Trade & other receivables 3,585 2,428 3,091
Cash and cash equivalents 6,507 4,233 6,455
Other current financial assets 36 7
---------- ------------- ------------
10,820 6,895 9,919
---------- ------------- ------------
TOTAL ASSETS 58,461 35,387 47,939
---------- ------------- ------------
LIABILITIES
Current liabilities
Trade and other payables 10,095 7,747 8,201
Bank loans and overdrafts 2,834 1,348 2,150
Obligations under hire purchase
agreements 4 4 3
Other current financial liabilities 361 170
---------- ------------- ------------
12,933 9,460 10,524
---------- ------------- ------------
Non-current liabilities
Bank loans 23,215 9,152 18,299
Obligations under hire purchase
agreements 7 11 10
Deferred tax liabilities 3,098 2,023 2,510
---------- ------------- ------------
26,320 11,186 20,819
---------- ------------- ------------
TOTAL LIABILITIES 39,253 20,646 31,343
---------- ------------- ------------
NET ASSETS 19,208 14,741 16,596
========== ============= ============
EQUITY
Share capital 839 833 833
Share premium 8,970 8,653 8,653
Other reserves 1 1 1
Retained earnings 9,398 5,254 7,109
TOTAL EQUITY ATTRIBUTABLE TO
---------- ------------- ------------
EQUITY HOLDERS OF THE PARENT COMPANY 19,208 14,741 16,596
========== ============= ============
SMS plc
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE PERIOD ENDED 30 JUNE 2013
Share Share Other Retained
capital premium reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Attributable to owners of
the parent
company:
As at 1 July 2012 833 8,653 1 5,254 14,741
Profit for period 2,145 2,145
Transactions with owners
in their
capacity as owners:
Dividends (417) (417)
Share options 127 127
Balance as at 31 December
2012 833 8,653 1 7,109 16,596
Profit for period 2,728 2,728
Transactions with owners
in their
capacity as owners:
Shares issued 6 317 323
Dividends (958) (958)
Share options 519 519
Balance as at 30 June 2013 839 8,970 1 9,398 19,208
======== ======== ======== ========= ========
SMS plc
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2013
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxation 3,322 2,538 5,227
Finance costs 545 318 739
Finance income (24) (23) (33)
Fair value movements on derivatives (206) 33 (151)
Depreciation 1,194 678 1,599
Amortisation 118 118 238
Share based payment expense 519 117 244
Increase in inventories (319) (144) (290)
(Increase)/decrease in trade & other
receivables (494) (822) (1,485)
Increase in Trade & other payables 1,890 1,148 1,835
CASH USED IN OPERATIONS 6,545 3,961 7,923
Taxation (2) (290)
NET CASH USED IN OPERATIONS 6,543 3,961 7,633
---------- ---------- ------------
INVESTING ACTIVITIES
Payments to acquire property, plant
and equipment (10,811) (5,953) (16,380)
Disposal of fixed asset investment 4
Payment to acquire intangible assets (122) (123) (269)
Finance income 24 23 33
NET CASH USED IN INVESTING ACTIVITIES (10,909) (6,053) (16,612)
---------- ---------- ------------
FINANCING ACTIVITIES
New borrowings 6,839 10,947
Capital repaid (1,239) (673) (1,671)
Net outflow from other long term
creditors (2) (1) (3)
Finance costs (545) (318) (739)
Net proceeds from share issue 323
Dividends paid (958) (417)
NET CASH GENERATED FROM FINANCING
---------- ---------- ------------
ACTIVITIES 4,418 (992) 8,117
---------- ---------- ------------
Net (decrease)/increase in cash
and cash equivalents 52 (3,084) (862)
Cash and cash equivalents at the
beginning of the period 6,455 7,317 7,317
Cash and cash equivalents at the
end of the period 6,507 4,233 6,455
========== ========== ============
SMS plc
Notes to the accounts
1 Basis of preparation and accounting policies
Basis of preparation
The Group's half yearly financial report consolidates the
results of the company and its subsidiary undertakings made up to
30 June 2013. The company is a limited liability company
incorporated and domiciled in Scotland and whose shares are quoted
on AIM, a market operated by The London Stock Exchange.
The financial information contained in this half-yearly
financial report does not constitute statutory accounts as defined
in section 434 of the Companies Act 2006. It does not therefore
include all the information and disclosures required in the annual
financial statements and should be read in conjunction with the
Group's annual financial statements as at 31 December 2012.
The financial information for the 6 months ended 30 June 2013 is
also unaudited.
The Group's statutory accounts for the year ended 31 December
2012 have been delivered to the Registrar of Companies. The report
of the auditors on these accounts was unqualified and did not
contain a statement under Section 498 of the Companies Act
2006.
The financial statements have been prepared on a going concern
basis which the directors believe is appropriate for the following
reason:
The directors have prepared cashflow forecasts which show the
Group expects to meet its liabilities as they fall due for a period
in excess of 12 months from the date of these financial statements.
Our forecasts show continued capital investment which is funded
from retained profits and external finance. At 30 June 2013, the
Group had cash of GBP6.5m, available facilities of GBP19.0m and
continued to be cash generative through trading operations.
Significant accounting policies
The accounting policies used in the preparation of the financial
information for the six months ended 30 June 2013 are in accordance
with the recognition and measurement criteria of International
Financial Reporting Standards ('IFRS') as adopted by the European
Union and are consistent with those which will be adopted in the
annual statutory financial statements for the year ended 31
December 2013.
2 Segmental Reporting
For management purposes, the Group is organised into two core
divisions, management of assets and installation of meters, which
form the basis of the Group's reportable operating segments.
Operating segments within those divisions are combined on the basis
of their similar long term economic characteristics and similar
nature of their products and services, as follows:
The management of assets comprises regulated management of gas
meters and ADM units within the UK.
The installation of meters comprises the installation of
domestic and industrial & commercial gas meters throughout the
UK.
Management monitors the operating results of its divisions
separately for the purpose of making decisions about resource
allocation and performance assessment. The operating segments
disclosed in the financial statements are the same as reported to
the Board. Segment performance is evaluated based on gross profit
or loss excluding operating costs not reported by segment;
depreciation, amortisation of intangible assets and exceptional
items.
The following tables present information regarding the Group's
reportable segments for the six months ended 30 June 2013, six
months ended 30 June 2012 and the year ended 31 December 2012.
SMS plc
Notes to the accounts (cont.)
2 Segmental Reporting (continued) Asset Asset Total
management installation Unallocated operations
30 June 2013 GBP000's GBP000's GBP000's GBP000's
Segment revenue 6,023 7,165 13,188
Operating costs (1,134) (3,981) (5,115)
----------- ------------- ------------ -----------
Segment profit - group gross
profit 4,889 3,184 8,073
Items not reported by segment
Other operating costs (2,605) (2,605)
Depreciation (1,122) (72) (1,194)
Amortisation (118) (118)
Exceptional items (313) (313)
Group operating profit after
amortisation and 3,649 3,184 (2,990) 3,843
exceptional items
Net finance costs (521) - - (521)
Profit before tax 3,128 3,184 (2,990) 3,322
Tax expense (594)
Profit for year 2,728
===========
Asset Asset Total
management installation Unallocated operations
30 June 2012 GBP000's GBP000's GBP000's GBP000's
Segment revenue 4,189 5,083 9,272
Operating costs (989) (2,528) (3,517)
----------- ------------- ------------ -----------
Segment profit - group gross
profit 3,200 2,555 5,755
Items not reported by segment
Other operating costs (1,775) (1,775)
Depreciation (647) (31) (678)
Amortisation (118) (118)
Exceptional items (351) (351)
Group operating profit after
amortisation
and exceptional items 2,435 2,555 (2,157) 2,833
Net finance costs (295) (295)
Profit before tax 2,140 2,555 (2,157) 2,538
Tax expense (370)
Profit for year 2,168
===========
SMS plc
Notes to the accounts (cont.)
2 Segmental Reporting (continued) Asset Asset Total
management installation Unallocated operations
31 December 2012 GBP000's GBP000's GBP000's GBP000's
Segment revenue 9,254 11,775 21,029
Operating costs (2,194) (5,565) (7,759)
----------- ------------- ------------ -----------
Segment profit - group gross
profit 7,060 6,210 13,270
Items not reported by segment
Other operating costs (4,266) (4,266)
Depreciation (1,534) (56) (1,590)
Amortisation (238) (238)
Exceptional items (1,243) (1,243)
Group operating profit after amortisation
and
exceptional items 5,288 6,210 (5,565) 5,933
Net finance costs (706) (706)
Profit before tax 4,582 6,210 (5,565) 5,227
Tax expense (914)
Profit for year 4,313
===========
All revenues and operations are based and generated in the UK.
The Group has one major customer that generated turnover within
each segment as listed below:
6 Months ended 6 Months ended Year ended
31 December
30 June 2013 30 June 2012 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Asset management 3,499 2,530 5,511
Asset installation 2,993 1,899 4,228
--------------- --------------- ------------
6,492 4,429 9,739
=============== =============== ============
SMS plc
Notes to the accounts (cont.)
2 Segmental Reporting (continued)
No segmentation is presented for the majority of Group assets and
liabilities as these are managed centrally, independently of operating
segments.
Those assets and liabilities that are managed and reported on a
segmental basis are detailed below.
Asset Asset Total
management installation operations
30 June 2013 GBP000's GBP000's GBP000's
Assets reported by segment
Intangible assets 1,920 - 1,920
Plant & machinery 45,373 - 45,373
Inventories 692 - 692
----------- ------------- -----------
47,985 - 47,985
Assets not reported by segment 10,476
-----------
Total assets 58,461
===========
Liabilities reported by segment
Bank loans 26,049 - 26,049
Obligations under hire purchase
agreements 11 - 11
----------- ------------- -----------
26,060 - 26,060
Liabilities not reported by
segment 13,193
-----------
Total liabilities 39,253
===========
Asset Asset Total
management installation operations
30 June 2012 GBP000's GBP000's GBP000's
Assets reported by segment
Intangible assets 1,890 - 1,890
Plant & machinery 26,401 - 26,401
Inventories 227 - 227
=========== ============= ===========
28,518 - 28,518
Assets not reported by segment 6,869
-----------
Total assets 35,387
===========
Liabilities reported by segment
Bank loans 10,500 - 10,500
Obligations under hire purchase
agreements 15 - 15
----------- ------------- -----------
10,515 - 10,515
Liabilities not reported by
segment 10,131
-----------
Total liabilities 20,646
===========
SMS plc
Notes to the accounts (cont.)
2 Segmental Reporting (continued)
Asset Asset Total
management installation operations
31 December 2012 GBP000's GBP000's GBP000's
Assets reported by segment
Intangible assets 1,916 - 1,916
Plant & machinery 35,791 - 35,791
Inventories 373 - 373
------------ ------------- ------------
38,080 - 38,080
Assets not reported by segment 9,859
------------
Total assets 47,939
============
Liabilities reported by segment
Bank loans 20,449 - 20,449
Obligations under hire purchase
agreements 13 - 13
20,462 - 20,462
Liabilities not reported by
segment 10,881
------------
Total liabilities 31,343
============
3 Earnings per share 6 Months to 6 Months to Year to
30 June 30 June 31 December
2013 2012 2012
GBP000's GBP000's GBP000's
Profit for year used for calculation
of basic EPS 2,728 2,168 4,313
Amortisation of intangible
assets 118 118 238
Exceptional costs 313 351 1,243
Tax effect of adjustments (101) (113) (355)
------------ ------------- ------------
Earnings for the purpose of
adjusted EPS 3,058 2,524 5,439
------------ ------------- ------------
Number of shares
Weighted average number of
shares for the
purpose of calculating basic
EPS 83,348,666 83,339,747 83,339,747
Effect of potentially dilutive
ordinary shares:
- share options 3,947,294 2,341,953 2,957,911
Weighted average number of
ordinary shares for
------------ ------------- ------------
the purpose of diluted EPS 87,295,960 85,681,700 86,297,658
============ ============= ============
Earnings per share:
- basic (pence) 3.27 2.60 5.18
- diluted (pence) 3.12 2.53 5.00
Adjusted earnings per share:
- basic (pence) 3.67 3.03 6.53
- diluted (pence) 3.50 2.95 6.30
The Directors consider that the adjusted earnings per share
calculation gives a better understanding of the Group's earnings
per share.
SMS plc
Notes to the accounts
(cont.)
4 Dividend 6 Months to 6 Months to Year to
30 June 30 June 31 December
2013 2012 2012
GBP000's GBP000's GBP000's
Dividend on equity
shares 958 - 417
============ ============ ============
After 30 June the directors have approved an interim dividend
of 0.7 pence per share for 2013, which has not been accrued as
a liability as at 30 June 2012 in accordance with IAS 8. The
dividend will be paid on 22 November 2013 with an ex-dividend
date of 16 October 2013 and a record date of 18 October 2013.
The half yearly financial report was approved by the Board of
5 Directors on 03 September 2013.
A copy of this half yearly financial report is available from
the Company's Registered Office or by visiting our website at
6 www.sms-plc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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