Smart Metering Systems plc
AGM update
Smart Metering Systems plc (AIM: “SMS”, the “Group”), a fully integrated energy infrastructure company owning and managing meter assets, energy data, grid-scale batteries and other carbon reduction (CaRe) assets, provides the following trading update ahead of its Annual General Meeting later today.
Trading update
Meter and data assets:
Index Linked Annualised Recurring Revenue (“ILARR”):
- Grew to £91.4 million as at 30 April 2022 (31 December 2021: £85.9 million)
- Includes the annual inflationary adjustment which was applied on 1 April 2022
Smart meter installations:
- Run rate has strengthened, in line with the Group's expectations
- Further improvement is expected over the course of the year
Grid-scale batteries:
Strong operational performance combined with continued growth of grid-scale battery pipeline to 710MW (31 December 2021: 620MW). Of the total pipeline:
Operational assets:
- First 50MW commenced trading in January 2022 and has performed strongly to date
- Majority of revenues generated have been from the frequency service, Dynamic Containment
Additional pipeline:
- 40MW project expected to begin trading in Q3 2022
- 260MW of fully secured projects, of which 150MW is currently in construction
- 360MW of sites are under exclusivity
Financial position and FY 22 outlook
- At 30 April 2022, the Group's liquidity remains strong with £63.3 million cash in hand (31 December 2021: £117.7 million) and undrawn banking facilities of £420 million (31 December 2021: £420 million).
- The Board's expectations for FY 2022 underlying profitability remain unchanged.