Mar 18, 2022

Investors’ Chronicle: Smart Metering Systems, Fevertree, Restaurant Group

The order book for smart meters rose by 25 per cent to 2.55mn in 2021 as SMS increased its dividend by 10 per cent, writes Madeleine Taylor. A growing base of installed smart meters led Smart Metering Systems to book a 12 per cent increase in index-linked annualised recurring revenues of £86mn in 2021. The Aim-traded company, which installs and manages electricity meters on behalf of energy suppliers, saw underlying pre-tax profits rise by 20 per cent to £18.2mn, after adjusting for the impact of a one-off sale of subsidiary Crail Meters in April 2020. The luxury mixers company put up prices in the UK, but this was not enough to offset higher product and logistics costs, which have risen by 15 per cent and 50 per cent, respectively, between 2019 and 2022. Strong sales for drinking at home and 33 per cent growth in the US market helped produce double-digit revenue growth, which management expects to continue in 2022.

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