Smart Metering Systems PLC New Banking Arrangements & Trading Update (2830L)
December 21 2018 - 5:20AM
UK Regulatory
TIDMSMS
RNS Number : 2830L
Smart Metering Systems PLC
21 December 2018
This includes inside information
Smart Metering Systems plc
("SMS" or "the Company")
New Banking Arrangements & Trading Update
New Banking Arrangements
Smart Metering Systems plc (AIM: SMS.L) ("SMS"), the integrated
metering services company that installs, owns, operates and
maintains UK metering assets, is pleased to announce that it has
signed a new revolving credit facility with a syndicate of existing
and new UK and international banks enabling drawings of up to
GBP420m over the next 5 years.
This new facility, which replaces the existing GBP280m revolving
credit facility, enables SMS to continue to deliver growth and fund
long-term returns from domestic smart metering assets through the
index-linked long-term recurring revenue generated by the metering
portfolio under its' ownership.
The facility has been raised on similar commercial terms to the
existing facility reflecting the established credit profile of
SMS.
David Thompson, CFO of SMS, said: "We are delighted to have
completed the refinancing of our credit facility. This refinancing
will allow SMS to have significant additional financial capacity to
take advantage of opportunities in the UK domestic smart meter
roll-out to grow our recurring revenues."
Trading Update
As detailed in the Company's interim results, 2018 has seen an
increase in capital investment in metering assets and growth in
annual recurring revenues and trading performance. SMS is on track
to close 2018 with results that are in line with full year market
expectations.
We previously highlighted that the industry is currently
progressing through a transition from the SMETs1 to SMETs2 protocol
for smart meters and that the Board expects this transition to
bring some operational challenges in the first half of 2019. SMS
has a planned investment in its end-to-end customer delivery model,
especially in line with recent exclusive contract awards, where we
are mobilising additional staff and investing further in meter
inventory in H1 2019.
The Company has made significant strategic investments in meter
installation capacity over the last two years, and this will
continue into 2019 as our market share continues to grow. SMS is
now one of the largest installers of meter assets throughout the UK
with a significant opportunity to continue our growth, delivering
incremental index-linked long-term recurring revenue streams.
The Company anticipate providing a further trading update in
February 2019.
For further information:
Smart Metering Systems plc 0141 249 3850
Alan Foy, Chief Executive Officer
David Thompson, Chief Financial
Officer
Craig McGinn, Company Secretary
Dilip Kejriwal, Head of Investor
Relations
Cenkos Securities plc 0131 220 6939 / 0207 397 8900
Neil McDonald
Beth McKiernan
Kreab 020 7074 1800
Matthew Jervois
Notes to Editors
About Smart Metering Systems
Established in 1995, Smart Metering Systems plc, headquartered
in Glasgow, installs, owns, operates and maintains gas and
electricity meters on behalf of major energy companies in the UK
energy and utilities market.
The SMS Meter Assets business delivers long term stable income
from ownership of over 2.5 million utility metering assets.
The SMS Asset Installation business installs gas and electricity
meter assets for the Meter Asset business through engineering
workforce across the UK.
SMS provide energy management and consultancy services to
support large blue-chip companies in the UK, through a network of
offices across the UK.
The energy management and asset installation services also
include infrastructure design, installation, consultancy and
project management services for new gas, electricity, water and
telecoms connections for licenced energy and telecoms suppliers,
end consumers and the UK's licenced electricity Distribution
Network Owners (DNO's).
The Company was admitted to the AIM market in July 2011 and is
now part of the FTSE AIM 50 index. For more information on SMS
please visit the Company's website: www.sms-plc.com.
Smart Metering Systems plc is listed on the AIM market of the
London Stock Exchange (SMS)
Registered Office: 48 St. Vincent Street, Glasgow G2 5TS
Registered in Scotland number: SC367563
Legal Entity Identifier number: 213800FGOUFSDPE33S71
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END
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