Contracts expected to add 180,000 units to existing meter portfolio
Smart Metering Systems (SMS) has announced two “significant” new contract wins.
The Glasgow-based company has been awarded a contract with SSE to provide meter operation services in all of its regions outside of Scotland and the South East of England for two years.
This contract will include installation, commissioning, testing, repair, maintenance, removal and/or replacement of metering equipment.
The contract covers the lifetime of the meters – around 25 years – and is expected to add another 180,000 units to its overall meter portfolio, which currently stands at 254,000 units.
SMS also announced today it has secured a new contract in the industrial and commercial (I&C) sector with Contract Natural Gas (CNG) for its ADM 'smart' meter, which was trialled by three major energy suppliers last year.
This contract will see SMS exchange existing gas meters for new pulse-enabled meters at the premises of CNG customers, though no figure has been given as yet on how many units this contract covers.
SMS chief executive Alan Foy said: "We are absolutely delighted that these important clients have decided to partner with us to this extent.
“We concluded 2011 with a meter portfolio of 254,000.
“These contracts represent a substantial increase in our business and significantly increase our participation in the domestic meter business as well as reinforce our position in the I&C market.
“The ADM solution offers our customers a substantially cheaper meter reading alternative to the current manual read services.”
SMS reported yesterday Foy's total pay package rose last year to £329,000 from £288,00 the previous year.
The company, which floated on the AIM market last July, reported a 286 per cent rise in pre-tax profits for 2011 to £3.31 million on a 51 per cent rise in revenues to £6.6 million.
SMS estimates the market for its new 'plug-and-play' ADM meter, which provides users with remote reading and half hourly consumption data, has a potential market of 1.6 million units in the UK market alone.