Smart Metering Systems PLC Contract wins and I&C meter acquisition (9389Q)
03 Marzo 2021 - 1:00AM
UK Regulatory
TIDMSMS
RNS Number : 9389Q
Smart Metering Systems PLC
03 March 2021
03 March 2021
Smart Metering Systems plc
Meter contract wins and I&C Half Hourly meter
acquisition
Smart Metering Systems plc (AIM: "SMS", the "Group"), which
installs and manages smart meters and carbon reduction assets
("CaRe") to facilitate effective energy management, announces two
new domestic smart meter contract wins and the acquisition of
Industrial and Commercial ("I&C") Half Hourly ("HH")
electricity meters.
New domestic smart meter contract wins
SMS has entered into agreements with two of the fastest growing
independent energy suppliers to provide services as an integrated
domestic smart meter installer and Meter Asset Provider.
Under the terms of the agreements, which include a minimum
contracted order commitment, SMS will fund and install domestic
smart meters on behalf of the energy suppliers. These contract
successes enhance SMS's contracted smart meter order pipeline to
c2.5 million meters (31 December 2020: c2.0 million) and will, on
delivery, add to the Group's existing portfolio of long-term
indexed-linked annualised recurring revenues ("ILARR").
Acquisition of I&C HH electricity meter portfolio
SMS has concluded an agreement to acquire a portfolio of
c.15,000 I&C large power HH electricity meters for a cash
consideration of GBP8.25 million.
The assets have an average life of 4.6 years and will add GBP1.1
million meter rental to the Group's ILARR. As part of the
transaction, which is scheduled to complete in early April 2021,
SMS will also take ownership of the data service contracts
associated with over 20,000 meters, which will initially generate a
further net GBP2 million of data annualised recurring revenue.
Alan Foy, Chief Executive Officer, commented:
"I am delighted with the addition of the fastest growing energy
suppliers to our portfolio of contracted energy suppliers for the
smart meter roll-out programme. These wins underpin our robust
end-to-end integrated model and will further expand our long-term
ILARR.
"In addition, the acquisition of the I&C Half Hourly meter
portfolio is testament to the strength of SMS's data platforms,
which enables the Group to consolidate such value accretive
opportunities and further leverage its well-established
infrastructure."
For further information:
Smart Metering Systems plc 0141 249 3850
Alan Foy, Chief Executive Officer
Dilip Kejriwal, H ead of Investor
Relations
Cenkos Securities plc (Joint Broker 0131 220 6939 / 020
and Nomad) 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
Instinctif Partners sms@instinctif.com
Kay Larsen / Sarah Hourahane / Hannah
Campbell
Notes to Editors
Smart Metering Systems plc (www.sms-plc.com) installs and
manages smart meters, data 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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END
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