Smart Metering interim profits up 40%

2nd Sep 2014 13:19

Metering services company Smart Metering Systems saw its revenue rise during the first half of the year after a number of contract extensions with companies including British Gas.The company's revenue rose 44% to £18.9m compared to last year's £13.1m.Profit before tax also increased 40% to £4.6m, with earnings per share up 22% to 4p from 3.27p in the previous year.The company's meter portfolio increased above half a million driven by an addition of 65,000 during the first-half.However, cash and equivalents dropped to £4.7m compared to £3.6m in the first half of the year before.Chief executive officer Alan Foy said: "SMS has grown in line with expectations and is well positioned in its markets following the acquisition and integration of Utility Partnership Limited's complementary electricity business activities and the announcement of a new contract from British Gas Business which will have a positive impact over the next three years."Shares were up 0.79% to 383p on Tuesday at 11:57.JF