Smart Metering Systems PLC Post-Close Trading Update (5501D)
30 Januar 2015 - 8:01AM
UK Regulatory
TIDMSMS
RNS Number : 5501D
Smart Metering Systems PLC
30 January 2015
Smart Metering Systems plc
Post-Close Trading Update
The Board of Smart Metering Systems plc (AIM: SMS.L) ("SMS" or
the "Company"), 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 in the year ended 31 December 2014.
SMS has continued to experience a strong performance across all
segments of the business and, in particular, has seen growth in the
installation of industrial and commercial meters together with
increased adoption of its ADM(TM) device and has also established a
new Electricity division.
The Company made significant progress across a number of
business areas over the year. In the early part of 2014, the
Company acquired Utility Partners Limited ("UPL"), an electricity
metering business that provides connections, meters, data and
energy services. This is now the business' new electricity
division.
SMS also secured contract extensions or additions from a number
of major customers, including a significant new contract with
British Gas Business and the Electricity division won contracts
with Opus Energy and DONG Energy Sales Limited, both existing
customers of SMS' Gas division. In November 2014, the Company
re-negotiated its GBP105m club facility to provide further funding
flexibility.
The Company's continued investment in its gas meter portfolio
saw the total number of gas meters under management increase by
approximately 29 per cent to c. 607,000 by 31 December 2014, in
line with management's expectations for the period.
SMS now has four recurring income streams, all of which grew
sustainably in the 12 month period to 31 December 2014. In the Gas
division, meter recurring rent increased 41% to GBP21.9m, while
data recurring income reached GBP1m. In the Electricity division,
meter recurring rent doubled to GBP567,000 and data recurring
income grew 29% to GBP2.7m.
SMS has now deployed over 41,000 ADM(TM) devices and has been
successful in receiving full accreditation for the water market in
the UK. The Company remains confident that its ADM(TM) device
technology has a broad range of potential applications in gas,
electricity, water and LPG markets and has been continuing with
trials of the device internationally, where SMS is particularly
encouraged by recent progress.
Based on unaudited management accounts for the period, SMS
expects that its results for the year to 31 December 2014 will be
in line with current market expectations and these will be
published in mid-to-late March 2015.
Alan Foy, Chief Executive Officer, commented:
"2014 was a landmark year for SMS and our growing team,
completing a significant acquisition and with further contract
wins. SMS is delighted to have operationally fully integrated our
Electricity division following the acquisition of UPL in April 2014
and we are particularly positive on the outlook for its business in
2015. We can now offer our clients a full utility service and have
both secured significant new contracts and renewed existing client
relationships during the period. We remain focused on delivering
our order book of meter exchanges and data business whilst fully
positioning the business for the UK domestic smart meter roll out.
The business is well positioned for continued growth in 2015."
For further information:
Smart Metering Systems plc 0141 249 3850
Alan Foy, Chief Executive Officer
Glen Murray, Finance Director
Cenkos Securities plc 0131 220 6939 / 0207 397 8900
Neil McDonald
Nick Tulloch
Kreab Gavin Anderson 020 7074 1800
Chris Philipsborn
Natalie Biasin
Matthew Jervois
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.
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.
SMS expanded its services into the electricity market through
the acquisition of Utility Partnership Limited in April 2014. The
Company can now provide a fully integrated service from beginning
to end to cover the installation of a gas/electricity
supply/connection to the procurement, installation and management
of a gas or electricity meter asset to the collection and
management of customer data and ongoing energy management 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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