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Smart Metering Systems PLC on Tuesday reported that its annual recurring revenue had increased and that its full year profit was in line with expectations. SMS is a Glasgow-based provider of end-to-end services in utility connections, smart metering and energy management. SMS said its index-linked annual recurring revenue for its six months ended June 30 was up 13% to £110.0 million from £97.1 million the prior year. The company said it expects a 2023 dividend of 33.28 pence per share, up 10% from 30.25p in 2022. Chief Executive Officer Tim Mortlock said: ‘We have delivered another strong operational and financial performance during the first half of 2023, a testament to the resilient nature of our business model which is underpinned by our index-linked recurring revenues. ‘Our existing pipeline of meter and grid-scale battery assets is expected to more than double the group’s earnings before interest, tax, depreciation, and amortisation in around four years compared to financial 2022.’ The company said its underlying Ebitda and underlying pretax profit were in line with expectations. SMS said it was confident in 2024 and its medium-term outlook. Shares in Smart Metering Systems were up 0.3% at 693.70 pence in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved
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