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.