Smart Metering Systems flags 53% profit growth in 2013

UK-based Smart Metering Systems has reported impressive gains in net income and revenues for 2013 on the back of rising demand among gas suppliers for its range of technology products.

The company’s net income rose to £6.6 million ($10.98 million), from £4.3 million in 2012, while sales increased from £21 million to £27.9 million over the same period.

UK-based Smart Metering Systems has reported impressive gains in net income and revenues for 2013 on the back of rising demand among gas suppliers for its range of technology products.

The company’s net income rose to £6.6 million ($10.98 million), from £4.3 million in 2012, while sales increased from £21 million to £27.9 million over the same period.

Smart Metering Systems (Glasgow, UK) – which operates and maintains metering systems and databases on behalf of energy companies and brokers – attributed the financial gains to growing demand for its range of metering products.

It now serves 17 major gas suppliers, up from 13 in 2012, representing more than 80% of the UK’s industrial and commercial market.

Meanwhile, its number of energy broker contracts soared from 10 to 24.

The company says its gas meter portfolio increased by 60,000 in the first half of 2013 to break the 400,000 level, and that it deployed another 69,000 meters in the second half of the year.

It has also been developing a more advanced meter branded the ADM, which supports meter reading on a half-hourly basis besides other functionality.

Smart Meter Systems claimed to have deployed 16,000 ADM metering devices in the UK by the end of 2013, up from just 2,000 in December 2012.

It has also been conducting trials of the device in five countries and says there are plans to launch trials in another three.

“Our progress in 2013 continued to be in line with our strategic priorities, at both a financial and operational level,” said Alan Foy, the company’s chief executive. “Our gas meter portfolio increased by 38% year-on-year and we signed major new contracts with gas suppliers.”

“We now have contracts in place with 80% of the industrial and commercial meter market,” he added.