Smart Metering Systems (AIM:SMS) fantastic results from the owner of gas and electricity meters
The owner of industrial and commercial gas and electricity meters came out with an excellent set of results for the 12 months to 31 December 2014, although the valuation clearly warranted it and doesn’t allow for slip-ups!
Revenue increased 52% to £42.4m (25% excluding acquisition of UPL) with total annualised recurring revenues increased by 43% to £26.2m. Gas metering and data recurring rent increased 41% to £21.9m and data recurring income reached £1.0m and Electricity metering and data recurring rent doubled to £0.6m and data recurring income grew 29% to £2.7m The overall Gross profit margin came in at 65% (2013:64%) underlying profit before tax increased by 66% to £12.8m and underlying earnings per share was up by 77% to 14.36p. Management’s confidence in the future was demonstrated by the 22% increase in the full year dividend…