Smart meter installer passes 1m devices milestone

Smart Metering Systems has announced it has now installed more than 1 million devices in homes across the UK.

The British firm revealed it installed 156,000 domestic smart meters during the first six months of 2019, as part of its latest set of financial figures, bringing the total up to more than 1 million.

A company spokesman said this figure included both SMETS1 and SMETS2 devices.

The company’s trading update also shows annualised recurring revenue increased by 14.1 per cent to £85.9 million in the first half of the year.

It also has £50 million cash in hand and undrawn banking facilities of £183 million.

The company’s chief executive officer, Alan Foy said that while installation rates in the first half of the year have been “impacted by the transition to SMETS2 meters”, the firm has continued to build on its recurring revenue base “ahead of our expectations”.

“Momentum in the installation rate is now building across the industry,” added Foy.

“Throughout H1, and in line with our longer-term strategy, we are retaining the financial, technical and people resources necessary to support a substantial increase in activity in H2 and beyond.  We are well prepared to increase significantly our installation run-rate in H2 compared to H1, as industry-wide activity picks up.

“We also continue to experience strong demand as societal, regulatory and environmental factors drive the requirement for smart energy management.

“The group has a strong portfolio of meter and data assets which generates index-linked, long-term recurring revenues. We are looking at options to monetise the value of a minority of our meter asset portfolio to support our future growth,” said Foy.

In May, the Data Communications Company (DCC) has announced that one million second generation (SMETS2) smart meters have been successfully connected to its nationwide secure network.