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03 Mar 2021 | 09:06

Smart Metering Systems secures new domestic contract wins

(Sharecast News) - Smart Metering Systems said on Wednesday that had secured new domestic smart meter contract wins with two of the "fastest-growing independent energy suppliers".

SMS will provide services to the unnamed clients as an integrated domestic smart meter installer and meter asset provider.

Under the terms of the agreements, which include a minimum contracted order commitment, the company will fund and install domestic smart meters on behalf of the energy suppliers, enhancing SMS' contracted smart meter order pipeline to roughly 2.5m and adding to its existing portfolio of long-term indexed-linked annualised recurring revenues in the process.

Separately, the AIM-listed group said it had concluded an agreement to acquire a portfolio of approximately 15,000 I&C large power HH electricity meters for a cash consideration of £8.25m, initially generating a further net £2.0m of data annualised recurring revenues.

Chief executive Alan Foy said: "I am delighted with the addition of the fastest-growing energy suppliers to our portfolio of contracted energy suppliers for the smart meter roll-out programme. These wins underpin our robust end-to-end integrated model and will further expand our long-term ILARR.

"In addition, the acquisition of the I&C Half Hourly meter portfolio is testament to the strength of SMS's data platforms, which enables the group to consolidate such value accretive opportunities and further leverage its well-established infrastructure."

As of 1300 GMT, Smart Metering shares were up 4.17% at 724.0p.
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