Smart Metering Systems ticking over nicely

Smart Metering Systems announced its maiden dividend after increased numbers of people using its meters boosted profits in the first half.

Pre-tax profits rose by 88% to £2.9m, with earnings per share going up by 46% to 2.6p.

Revenue increased by 25% to £9.3m, all of which prompted the firm to announce its maiden dividend of 0.5p.

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The company, which owns and maintains metering systems and databases on behalf of major energy companies, said its meter portfolio had increased by 25% to 283,275 during the period.

The firm highlighted several new contracts won during the period, including one with Scottish and Southern Energy, which adds around 180,000 meters to its portfolio.

"SMS has continued to make significant progress against its core objectives, with recent contract wins prospectively adding the equivalent of 430,000 domestic meters," said Chief Executive Alan Foy.

"Further new clients, positive progress in the trialling of the group's smart meter technology and new banking arrangements have underpinned the growth of the business," he added.