Smart Metering Systems ticking over nicely

published 5 September 2012

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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

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.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.