Smart Metering Systems has slumped to a near-£2 million loss and has put a minority stake in its portolio of energy meters up for sale. The Glasgow-based company reported a pre-tax loss of £1.7 million in the six months to the end of June, compared with a profit of £10.1 million at the same time last year. Group revenue rose to £54 million from £47 million. SMS, which installs smart meters for independent energy suppliers, said that its domestic smart portfolio had broken through the one million threshhold and that it was ready to start installing second-generation smart devices. This is expected to result in a pick-up in the installation run-rate this year and into 2020. With more than 500 engineers and significant cash and debt facilities, SMS said that it had the engineering and financial resources to handle its order book of approximately two million meter installations with the capacity for further growth. The sale of a minority of assets would significantly boost its cash reserves, the company said.
Times 18th Sept 2019 read more »