Smart Metering Systems signs deal with Utilita

Glasgow based company Smart Metering Systems announced a new contract win to rent over 100,000 new smart-meters to energy supplier Utilita Energy on Tuesday.

SMS will provide domestic smart meters to Utilita as the energy company seeks to comply with UK government regulations requiring all energy suppliers to provide customers with smart meters for their homes and small businesses by 2020.

SMS owns, operates and maintains gas and electricity meters on behalf of energy companies across the UK.

Chief executive Alan Foy said: “SMS is well positioned to add these assets into its growing portfolio of owned meters delivered from our established in house installation and asset ownership operations."

In a trading update released on 5 February stated that its total assets under management had increased by approximately 62% to 2.03m, including over 420,000 gas and electric smart meters.

As of 0818 GMT, SMS’s share price had fallen 0.29% to 692.00p.