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Smart Metering Systems PLC on Thursday said its smart meter portfolio rose in 2022, as the growth in households installing smart meters accelerated during the ongoing energy crisis.
SMS is a Glasgow-based provider of end-to-end services in utility connections, smart metering and energy management.
The company had a portfolio of 2.1 million domestic smart meters at the end of last year, up 24% from 1.7 million at the end of 2021. The in meter installation run-rate increased 50% to an average of 45,000 per month, from 30,000 in the second half of 2021.
Smart Metering’s index-linked annual recurring revenue grew 13% to £97.1 million in 2022, from £85.9 million in 2021.
Meanwhile, the company slashed its net debt as at December 31 to £31.2 million from £117.7 million a year prior.
SMS expects to raise its 2022 dividend by 10% to 30.25 pence per share, compared to 27.5p in 2021.
Looking ahead, Chief Executive Officer Tim Mortlock said: ‘Our business can deliver significant value in the years ahead, with our inflation-linked recurring revenues from our existing meter and data assets providing considerable protection against macro-economic shocks. The strong momentum in our meter and grid-scale batteries businesses provide us with confidence in our 2023 and medium term outlook.’
Smart Metering Systems shares rose 3.7% to 871.00 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News reporter
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