Smart Metering Systems measuring big rise in profits

Smart Metering Systems (SMS), a company which connects and operates metering systems, says its full year results will be ahead of market expectations, cue an 8.2% share price rise.

The company listed on the AIM exchange in July last year, raising £10m. It has also increased its credit facility with the Clydesdale Bank from £12m to £19.5m.

The big numbers for investors though are reported revenues of £16m, an increase of 29% compared to 2010, and a gross profit rise of 62% to £8.9m.

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Earnings before interest tax depreciation and amortisation jumped 97% during 2011, after stripping out exceptional items.

The total number of gas meters SMS looks after hit 254,000 by the end of December and the company is now trialling its "advanced metering system" which will enable remote reading (a big cost saver for the energy suppliers) and half hourly consumption (which consumers will like).

Since listing SMS shares have gained 29%.

BS