Smart Metering Sys - AGM update
19/05/2022 07:00
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RNS Number : 9937L Smart Metering Systems PLC 19 May 2022
19 May 2022
Smart Metering Systems plc
AGM update
Smart Metering Systems plc (AIM: "SMS", the "Group"), a fully integrated
energy infrastructure company owning and managing meter assets, energy data,
grid-scale batteries and other carbon reduction (CaRe) assets, provides the
following trading update ahead of its Annual General Meeting later today.
Trading update
Meter and data assets:
· Index Linked Annualised Recurring Revenue ("ILARR"):
o Grew to £91.4 million as at 30 April 2022 (31 December 2021: £85.9
million)
o Includes the annual inflationary adjustment which was applied on 1 April
2022
· Smart meter installations:
o Run rate has strengthened, in line with the Group's expectations
o Further improvement is expected over the course of the year
Grid-scale batteries:
· Strong operational performance combined with continued growth of
grid-scale battery pipeline to 710MW (31 December 2021: 620MW). Of the total
pipeline:
· Operational assets:
o First 50MW commenced trading in January 2022 and has performed strongly to
date
o Majority of revenues generated have been from the frequency service,
Dynamic Containment
· Additional pipeline:
o 40MW project expected to begin trading in Q3 2022
o 260MW of fully secured projects, of which 150MW is currently in
construction
o 360MW of sites are under exclusivity
Financial position and FY 22 outlook
· At 30 April 2022, the Group's liquidity remains strong with
£63.3 million cash in hand (31 December 2021: £117.7 million) and undrawn
banking facilities of £420 million (31 December 2021: £420 million).
· The Board's expectations for FY 2022 underlying profitability
remain unchanged.
For further information:
Smart Metering Systems plc 0141 249 3850
Tim Mortlock, Chief Executive Officer
Gavin Urwin, Chief Financial Officer
Dilip Kejriwal, Head of Investor Relations
Cenkos Securities plc (Joint Broker and Nomad) 0131 220 6939 / 020 7397 8900
Neil McDonald / Pete Lynch
Investec Bank plc (Joint Broker) 020 7597 5970
Christopher Baird / Henry Reast
RBC Capital Markets (Joint Broker) 020 7653 4000
Matthew Coakes / Evgeni Jordanov / Jack Wood
Instinctif Partners sms@instinctif.com (mailto:sms@instinctif.com)
Tim Linacre / Guy Scarborough / Sarah Hourahane
Notes to Editors
Smart Metering Systems plc (www.sms-plc.com) installs and manages smart
meters, data, grid scale batteries and carbon reduction assets ("CaRe") to
facilitate effective energy management. The Group manages and optimises these
assets through its in-house technology and data analytical platform.
Established in 1995, SMS provides a full end-to-end service, from funding and
installation to management and maintenance, with a highly skilled workforce,
deep engineering expertise and well-established industrial partnerships.
SMS is leading the low carbon, smart energy revolution in the UK and is
committed to reducing its own carbon emissions to net zero by 2030. In 2019,
SMS was also awarded the London Stock Exchange Green Economy Mark.
SMS plc is headquartered in Glasgow with a national presence across twelve UK
locations.
SMS's shares are listed on AIM.
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