4th Sep 2013 09:39
LONDON (Alliance News) - Smart Metering Systems (SMS) PLC Wednesday reported an increase in pretax profit and revenue for the first half, reflecting a strong performance across the business.
The Glasgow-based gas meter operator said pretax profit increase to GBP3.2 million for the period ended 30 June from GBP2.5 million last year, while revenue jumped 42% to GBP13.2 million from GBP9.3 million in 2012.
The company attributed the rise to increasing meters under ownership and management.
Annualised recurring meter rental revenue increased to GBP13.0 million compared with GBP10.8 million at the end of 2012.
Asset installation revenue increased to GBP7.2 million from GBP5.1 million last year, of which the Gas Connection business increased revenue 37% to GBP4.1 million from GBP3.0 million in 2012.
Smart Metering Systems said that during the first half of 2013 its meter portfolio broke the 400,000 level, with an increase of 60,000 in the first six months of the year, mainly as a result of a number of major contract wins in 2012.
"The increase in our meter portfolio is reflected in the build-up of our annualised recurring revenue, providing an increasing percentage of our total revenue," Smart Metering Systems said.
SMS proposed an interim dividend of 0.7 pence, a 40% increase.
SMS shares were trading at 339.00 pence Wednesday morning, up 0.50 pence.
By Anthony Tshibangu; [email protected]; @AnthonyALLNews
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