AGM Statement

RNS Number : 4340O

Smart Metering Systems PLC

28 May 2015

 

Smart Metering Systems plc

AGM Statement

("SMS" or the "Company")

Smart Metering Systems plc (AIM: SMS.L) announces that Paul Dollman, Chairman of SMS, will make the following statement at today's Annual General Meeting:

"I am pleased to report that SMS continues to make significant progress in 2015, its 20^th year in business, and to deliver continued growth across all segments of the business. Total annualised recurring revenues have increased by over 10 per cent. from £26.2 million as at 31 December 2014 to £29.0 million as at 30 April 2015, in line with management's expectations. In addition, the Company's continued investment in its asset portfolio has seen the total number of gas meters under management increase by over 5 per cent. to 637,971 and the total number of electricity meters under management increase by approximately 39 per cent. to 16,658, in each case as at 30 April 2015 and in line with management's expectations.

We continue to see the benefits of our expanded service offering across both the gas and electricity sectors and the positive impact of a fully integrated service in these markets for our customers."

For further information:

Smart Metering Systems plc Alan Foy, Chief Executive Officer Glen Murray, Finance Director	0141 249 3850
Cenkos Securities Neil McDonald Nick Tulloch	0131 220 6939 / 0207 397 8900
Kreab Natalie Biasin Matthew Jervois	020 7074 1800

Chris Philipsborn

Notes to Editors

About Smart Metering Systems

Established in 1995, Smart Metering Systems plc, based in Glasgow, connects, owns, operates and maintains metering systems and databases on behalf of major energy companies.

Currently the Company is concentrating its efforts on offering its unique integrated services to the UK industrial and commercial gas market in which its customers have an 80% market share.

The Company has further applications for gas with its ADM™ device which allows "smart" functions such as remote reading and half-hourly consumption data to be offered to customers in addition to the normal metering services.

SMS expanded its services into the electricity market through the acquisition of Utility Partnership Limited in April 2014. The Company can now provide a fully integrated service from beginning to end to cover the installation of a gas/electricity supply/connection to the procurement, installation and management of a gas or electricity meter asset to the collection and management of customer data and ongoing energy management services. Longer term the Company also has additional applications for water and LPG.

Following its listing, the Company is now part of the FTSE AIM 50 index. For more information on SMS please visit the Company's website: www.sms-plc.com.

 

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