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Smart Metering Systems Expects Strong Growth in Annual Revenue

1 Mins read

Smart Metering Systems, the leading energy infrastructure company, is on track to meet its full-year targets as it reports a significant rise in index-linked annualized recurring revenue. This key metric for the company has grown to GBP110 million ($141.1 million) from GBP97.1 million at the end of 2022, driven by a 17% increase in ILARR from smart meters which reached GBP71.5 million.

Despite a slight decrease in the number of smart meters installed during the first half of the year, down to 220,000 from 230,000 compared to the previous year, Smart Metering Systems has maintained a strong market share of around 14%.

The company is confident that its existing pipeline of meter and grid-scale battery assets will more than double its earnings before interest, taxes, depreciation, and amortization within the next four years. This is a positive outlook compared to 2022.

Looking forward, Smart Metering Systems expects its earnings before interest, taxes, depreciation, and amortization, as well as underlying pretax profit, to align with the board’s expectations. The company remains optimistic about its prospects for 2024 and its medium-term outlook.

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