Smart Metering Systems PLC Update announcement (2480R)
04 November 2021 - 7:59AM
UK Regulatory
TIDMSMS
RNS Number : 2480R
Smart Metering Systems PLC
04 November 2021
04 November 2021
Smart Metering Systems plc
Update announcement
Smart Metering Systems plc (AIM: "SMS", the "Group"), the fully
integrated energy infrastructure company owning and managing meter
assets, energy data, grid-scale batteries and other carbon
reduction ("CaRe") assets, provides an update on the Group's
activities.
The Company notes that there has been considerable turbulence
recently in the UK energy market, with the failure of a number of
independent energy suppliers and Supplier of Last Resort ("SoLR")
mechanisms being enacted. However, the Board remains comfortable
with the level of previously guided contracted smart meter order
pipeline for the Group.
In grid-scale batteries, t he Group has now secured a further
50MW project which was previously under exclusivity, increasing the
secured pipeline to 290MW, and has added a further 150MW to those
sites remaining under exclusivity (now totalling 330MW). The total
pipeline therefore increases from 470MW as at 30 June 2021 to
620MW. The Group's first 50MW site has now been energised and
entered testing. Construction of this site and the remaining
secured pipeline continues to progress in line with the expected
cost and construction programme.
The FY2021 trading currently remains in line with expectations
and the Group has a strong net cash position reflecting the net
proceeds of the recent equity placing.
Alan Foy, Chief Executive Officer, commented:
"The strength of our contracted smart meter order pipeline,
despite the ongoing turbulence in the energy market, reflects the
resilience of our business model.
"Grid-scale batteries are critical to balancing the increasing
volume of intermittent renewable energy generation and to
accelerate the adoption of renewables, which are fundamental to the
net-zero energy transition. The continued progression of our
batteries pipeline is a testament to our ability to leverage on our
fully end-to-end integrated platform."
For further information:
Smart Metering Systems plc 0141 249 3850
Alan Foy, Chief Executive Officer
Dilip Kejriwal, Investor Relations
Cenkos Securities plc (Joint Broker 0131 220 6939 / 020
and Nomad) 7397 8900
Neil McDonald / Pete Lynch
Investec Bank plc (Joint Broker)
Christopher Baird / Henry Reast
020 7597 5970
RBC Capital Markets (Joint Broker)
Matthew Coakes / Evgeni Jordanov /
Jack Wood 020 7653 4000
Instinctif Partners sms@instinctif.com
Tim Linacre / Guy Scarborough / Sarah
Hourahane +44 07917 178 920
Notes to Editors
Smart Metering Systems plc (www.sms-plc.com) is the fully
integrated energy infrastructure company owning and managing meter
assets, energy data, grid-scale batteries and other carbon
reduction (CaRe) assets. The Group manages and optimises these
assets through its in-house technology and data analytical platform
"METIS".
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. SMS has been recognised with the London Stock Exchange's
Green Economy Mark every year since it was introduced in 2019.
SMS plc is headquartered in Glasgow with a national presence
across twelve UK locations.
SMS's shares are listed on AIM.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUPGGAGUPGGWW
(END) Dow Jones Newswires
November 04, 2021 02:59 ET (06:59 GMT)
Smart Metering Systems (LSE:SMS)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Smart Metering Systems (LSE:SMS)
Historical Stock Chart
Von Jul 2023 bis Jul 2024