17th Mar 2014 17:45
(An item published 1005 GMT misstated the number of smart meters deployed and added to the portfolio. The correct version follows.)
LONDON (Alliance News) - Smart Metering Systems PLC Monday reported an increase in profit and revenue for the full year, with progress by both of its main businesses.
AIM-listed Smart Metering posted pretax profit of GBP7.5 million for 2013, up from GBP5.2 million in 2012, as revenue rose 33% to GBP27.9 million from GBP21.0 million as year earlier.
The firm saw its two business segments - asset management and asset installation - perform strongly during the year. The asset management side of the business saw revenue rise to GBP13.8 million from GBP9.3 million, while asset installation revenue rose to GBP14.1 million, from GBP11.8 million in 2012.
During the period, the company said it saw its total meter portfolio increase by 129,000 to around 469,000 as its gas meter portfolio increased 38% year-on-year.
"The progress we have made in establishing long-term recurring revenue was evidenced by an increase in year-end annualised recurring meter rental revenue of 44% to GBP15.5 million and GBP300,000 data provision sales from our ADM device," it said.
The ADM metering solution allows for remote meter reading on a half-hourly basis. Over 16,000 ADM devices were deployed in the UK at the year end, Smart Metering Systems said, up from 2,000 in 2012, while there have been 17 trials of the device in five different countries, with further trials now committed in three additional countries.
Smart Metering Systems said it saw its gas supplier client base grow to 17 from 13, while the number of energy broker contracts increased to 24 from 10.
Post the year end, the company said it signed a GBP105.0 million revolving credit agreement with Barclays Bank PLC, Clydesdale Bank PLC and Bank of Scotland PLC, replacing all existing facilities.
The company said it will pay a final dividend of 1.61 pence per share, compared with 0.70 pence per share, making a total dividend of 2.31 pence, up from 1.65 pence.
The stock closed at 327.00 pence Monday, down 14.50 pence or 4.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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