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Smart Metering says 2018 performance was in line; announces contract with Co-op Energy

"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 Alan Foy, the chief executive officer of SMS
Smart meter
Domestic energy supply companies are obliged to provide all of their customers with a smart meter in homes and small businesses across the UK by 2020

Smart Metering Systems PLC (LON:SMS), the integrated metering services company, has signed an agreement with Co-operative Energy.

Under the terms of the agreement, the AIM-listed company will provide services as an integrated domestic smart meter installer and meter asset provider on behalf of Co-op Energy in various parts of the UK.

READ: Barclays starts Smart Metering Systems with ‘equal-weight’ rating, highlighting roll-out concerns

As well as announcing the contract win, the company provided a brief trading update in which it said it expects 2018 results will be in line with market expectations.

The total number of metering and data assets under management increased by about 54% to 3.13mln by the end of 2018 from 2.03mln at the end of 2017.

Total annualised recurring revenue increased by 32% to £75.3mln.

In the Gas division, meter recurring revenue grew by 19% to £42.9mln from 2017’s levels, while data recurring revenue increased 6% to £3.1mln.

In the Electricity division, meter recurring revenue nearly doubled to £20.3mln and data recurring revenue grew 34% to £9.0mln.

"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. Co-Operative Energy is, like SMS, committed to leading the smart energy revolution and we look forward to bringing the benefits of smart meters to its customers,” said Alan Foy, the chief executive officer of SMS.


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