ukcitymedia news feed

Smart Metering Systems in smart meter contract win with Co-operative Energy

Smart Metering Systems in smart meter contract win with Co-operative Energy

Fri 8 Feb 2019 07:25 by about : contract wins, trading updates - 0 Comments - 1023 words

Smart-Metering-Systems-contract win


Smart Metering Systems plc (AIM: SMS.L) ("SMS"), the integrated metering services company that connects (installs), owns, operates and maintains UK metering assets, is pleased to announce that it has signed an agreement with Co-operative Energy Limited ("Co-Operative Energy") to provide services as an integrated domestic smart meter installer and Meter Asset Provider.


Under the terms of the agreement, SMS has been appointed as the preferred supplier to fund and install domestic smart meters on behalf of Co-operative Energy in certain defined geographic areas. Co-operative Energy currently has around 326,000 meter points within the areas in which SMS has been appointed as preferred supplier.


This forms part of the UK Government programme, overseen by the Department of Business, Energy and Industrial Strategy (BEIS), requiring domestic energy supply companies to provide all of their customers with a smart meter in homes and small businesses across the UK by 2020.


Post Close Trading Update


The Company's continued investment throughout the year saw the total number of metering and data assets under management increase by approximately 54% to 3.13m by 31 December 2018 (2.03m at 31 December 2017). This figure includes a portfolio of 846,000 domestic smart meters representing a 100% increase year on year (423,000 domestic smart meters at 31 December 2017).


Total annualised recurring revenue increased by 32% to £75.3m as at 31 December 2018. In the Gas division, meter recurring revenue grew by 19% to £42.9m, while data recurring revenue increased 6% to £3.1m. In the Electricity division, meter recurring revenue nearly doubled to £20.3m and data recurring revenue grew 34% to £9.0m.


Based on unaudited management accounts for the period, SMS expects that its results for the year to 31 December 2018 will be in line with current market expectations and these will be published mid-March 2019.


Alan Foy, Chief Executive Officer, commented:

"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.


"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."


These articles are summaries / highlights and dont always include all financial news updates. Check at company website INVESTORS INFORMATION for full published results.

Add a comment



Security key:



ukcitymedia news feed

Please take our RSS Feed and news to your Network and message boards. With thanks


ukcitymedia moderates but does not authenicate postings. Users are reminded that shares and all trading instruments by nature do not always prove to be good investments. Readers are reminded to do your own research. delivers UK stock market news, latest shares news, uk financial news, rns news articles, latest business news, latest uk financial news, stockmarket investment news, business news round-ups. director dealings bulletins, stock market reports, share trading articles, latest finance news, broker recommendations, uk city news, latest financial information. does not offer financial advice.