Glasgow Smart Meters Revenue Increase

The number of smart meters in Smart Metering Systems’ portfolio breaks through the one million mark.

03:27 05 February 2020

The number of smart meters in Smart Metering Systems’ portfolio breaks through the one million mark.

 

Glasgow-based Smart Metering System has announced that the number of meters and other devices they have installed have increased by 19per cent during the year to hit 3.7million. The company also confirmed that its revenue has jumped 20per cent to £90.7million while income from other equipment stood at £12.3million.

 

Last month, the UK government has announced that it is committed to the rollout of smart meters for homes and small businesses throughout the country. The government has also confirmed plans to introduce compulsory annual targets for energy suppliers to install the devices.

 

Chief executive Alan Foy said: "This year marks our 25th anniversary, a testament to SMS’s secure business foundation and long-term business model. SMS will continue to address the smart meter roll-out opportunity over the extended rollout period, with focus on securing long-term inflation-linked, sustainable revenue streams supported by an ongoing cost discipline and an efficient long-term capital structure."