Smart Metering Systems PLC AGM update (2036Z)
20 Mai 2021 - 8:00AM
UK Regulatory
TIDMSMS
RNS Number : 2036Z
Smart Metering Systems PLC
20 May 2021
20 May 2021
Smart Metering Systems plc
AGM update
Smart Metering Systems plc (AIM: "SMS", the "Group"), a fully
integrated energy infrastructure company owning and managing meter
assets, energy data, grid scale batteries and other carbon
reduction (CaRe) assets, will hold its Annual General Meeting later
today.
In line with previous guidance, the meeting will be subject to
limited attendance with only Directors, or their proxies, present
in person. Accordingly, SMS provides the following update regarding
the Group's current trading, FY21 outlook and financial
position.
Trading and FY21 outlook
At 30 April 2021, the Group's total Index Linked Annualised
Recurring Revenue ("ILARR") was GBP83.1 million (31 December 2020:
GBP77.0 million), including the ILARR from the Industrial &
Commercial ("I&C") Half Hourly ("HH") electricity meter
portfolio and associated data service contracts acquired in April
2021.
The meter installation run rate has continued to improve, with
installations in April 2021 above the pre-Covid run rate. If the
recovery continues, the Group expects this to improve further.
Delivery of the secured 190MW, and development of the additional
280MW pipeline, of grid-scale battery projects is on track and
progressing well.
The Group is currently trading in line with the Board's
expectations.
Financial position
Liquidity remains strong with GBP28.4 million cash in hand (31
December 2020: GBP40.2m) and undrawn banking facilities of GBP276.8
million (31 December 2020: GBP300.0 million).
We will continue to keep shareholders informed of our progress
including a half year trading update in late July.
For further information:
Smart Metering Systems plc 0141 249 3850
Alan Foy, Chief Executive Officer
Dilip Kejriwal, H ead of Investor Relations
Cenkos Securities plc (Joint Broker and Nomad) 0131 220 6939
Neil McDonald / Pete Lynch / 020 7397 8900
Investec Bank plc (Joint Broker) 020 7597 5970
Christopher Baird / Henry Reast
RBC Capital Markets (Joint Broker) 020 7653 4000
Matthew Coakes / Evgeni Jordanov
Instinctif Partners 020 7457 2020
Tim Linacre / Guy Scarborough / Sarah Hourahane sms@instinctif.com
/ Hannah Campbell
Notes to Editors
Smart Metering Systems plc (www.sms-plc.com) installs and
manages smart meters, data, grid scale batteries and carbon
reduction assets ("CaRe") to facilitate effective energy
management. The Group manages and optimises these assets through
its in-house technology and data analytical platform.
Established in 1995, SMS provides a full end-to-end service,
from funding and installation to management and maintenance, with a
highly skilled workforce, deep engineering expertise and
well-established industrial partnerships.
SMS is leading the low carbon, smart energy revolution in the UK
and is committed to reducing its own carbon emissions to net zero
by 2030. In 2019, SMS was also awarded the London Stock Exchange
Green Economy Mark.
SMS plc is headquartered in Glasgow with a national presence
across twelve UK locations.
SMS's shares are listed on AIM.
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END
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