8th Feb 2019 08:21
LONDON (Alliance News) - Smart Metering Systems PLC on Friday said its annualised recurring revenue increased by almost a third after the number of domestic smart meters in its portfolio doubled.
In addition, Smart Metering Systems said it has signed an agreement with Co-Operative Energy Ltd to provide services as an integrated domestic smart meter installer and meter asset provider.
Under the terms, the gas and electric metering services company has been appointed as the preferred supplier to fund and install domestic smart meters on behalf of Co-Operative Energy in agreed geographic areas.
Co-Operative Energy currently has around 326,000 meter points within the areas in which Smart Metering Systems has been appointed as preferred supplier.
Smart Metering Systems reported a 32% increase in annualised recurring revenue to GBP75.3 million as at December 31, with the total number of metering and data assets under management rising 54% to 3.1 million.
The portfolio of 846,000 domestic smart meters doubled compared to 423,000 domestic smart meters at the end of 2017.
In the Gas division, meter recurring revenue grew by 19% to GBP42.9 million, while data recurring revenue increased 6% to GBP3.1 million.
In the Electricity division, meter recurring revenue nearly doubled to GBP20.3 million and data recurring revenue grew 34% to GBP9.0 million.
"2018 has seen continued growth and we are delighted with another strong period of trading allowing us to deliver for our customers in the fast-growing domestic smart meter market," said Chief Executive Alan Foy.
"We are delighted to be working with Co-operative Energy, a sustainable long-term business which is owned by its members and aims to provide 100% green electricity to all of its customers," added Foy.
Smart Metering Systems shares were trading 0.3% higher on Friday at 635.00 pence each.
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