Meter firm SMS reports surge in profits and turnover
Gas meter technology firm Smart Metering Systems (SMS) has reported a surge in revenue and profits.
The Glasgow-based company said revenue rose by 32% to £21m in the year to the end of December, while pre-tax profits shot up by 59% to £9m.
SMS also reported that its total meter portfolio increased by 34% to 341,000 - 95% of which was domestic.
Last summer, the firm announced it would press ahead with major growth plans after securing a £45m loan facility.
Significant new contracts won last year included the supply of about 180,000 domestic meters for SSE.
SMS invested £16m in meter assets last year - a rise of 74% on 2011. This year, it has already invested more than £4.5m in meters.
The company is aiming to take advantage of a government-backed drive to fit every UK home with a smart meter by 2020.
Smart meters are devices designed to show suppliers and customers exactly how much gas and electricity is being used.