31st Jan 2020 10:29
(Alliance News) - Smart Metering Systems on Friday said it expects 2019 results to be in line with market expectations as assets and revenue grew.
The metering services company said planned investment in its end-to-end customer delivery model resulted in a 19% increase in the total number of metering and data assets under management to 3.7 million compared to the end of 2018.
Smart Metering said its total index-linked annualised recurring revenue grew by 20% to GBP90.1 million versus the GBP75.3 million recorded for 2018.
It also said it remains in discussions with an undisclosed party regarding the sale of a minority of the company's meter assets.
Smart Metering added it has a "strong" medium-term order book, helped by the introduction of compulsory annual installation targets on energy suppliers between 2020 and 2024.
Looking ahead, Chief Executive Alan Foy said: " We will continue to address the smart meter roll-out opportunity over the extended rollout period, with focus on securing long-term inflation-linked, sustainable revenue streams supported by an ongoing cost discipline and an efficient long-term capital structure."
For 2018, the company posted a pretax profit of GBP5.4 million on revenue of GBP98.5 million.
The stock was trading 0.2% lower at 488.60 pence each on Friday morning in London.
By Ife Taiwo; [email protected]
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