Smart Metering Systems boosts profit, dividend in transformative year

Smart Metering Systems has lifted its full-year pre-tax profit and dividend after what it styled as a transformative year for the company.

"We have seen a strong start to 2017 and are well positioned to continue making progress in our core markets," said chief executive Alan Foy.

"We will continue to invest in meter and data assets and grow our recurring revenue base across both the I&C and Smart Domestic market segments," he said.

Foy continued that Smart Metering Systems had built the foundations to allow it to capitalise on future opportunities.

Returning to its full-year numbers, pre-tax profit was £18.m, up from £17.5m, with revenuing rising to £67.2m, from £53.9m.

It would pay a total dividend of 4.1p a share, up from 3.3p.

Foy said 2016 was a year of transformation for the business as it grew to more than 1.25m utility metering and data assets under management generating £41.3m in annually recurring index-linked income.

"The strong financial position has supported three strategic acquisitions, which has delivered a scalable delivery platform with the opportunity to install and own new domestic smart utility meters (gas and electricity) mandated to be installed in every home in the UK over the next four to five years," he said.

Smart Metering Systems also said it had appointed David Harris as chief financial officer.

At 13:31 GMT, shares in AIM-listed Smart Metering Systems were up 0.25% to 598.5p each.