Rutherford Cross is delighted to be retained by Smart Metering Systems plc to appoint a Divisional Financial Controller and a Divisional Management Accountant.

Established in 1995, SMS Plc is a leading independent provider of multi-utility infrastructure connections and meter asset management solutions. Their professional services are delivered to UK gas and electricity suppliers and directly to end customers in both the industrial and commercial (I&C) and domestic markets.

In July 2011, SMS began a new chapter as a public company when it listed on the London Stock Exchange AIM market. The purchase of Utility Partnership Ltd (UPL) in 2014 marked SMS’s first ever acquisition and in 2016 the company went on to make three further acquisitions. With the headquarters in Glasgow, the business now operates across 7 subsidiaries and from locations including Glasgow, Cardiff, Doncaster and Cambridge.

Coinciding with the 20th Anniversary in June 2015, SMS Plc completed a rebranding of the company to cement the integration and simplify the offer to their clients. Following the rebranding, the business now operates three segments under the single SMS Plc brand: Asset Management, Asset Installation and Energy Management.  The subsidiaries span across these three segments.

In 2017, the business completed a placing of new shares (the first since the original IPO) to raise gross proceeds for £150m.  The proceeds of the placing are to be used alongside the extended debt facility to give SMS Plc the financial and operational flexibility to fully fund the installation of meters for further growth.

It’s an exciting time to be part of SMS Plc. The business has grown rapidly in recent years, both organically and via acquisition, and has an ambitious strategy which will continue to build market share. Financial performance has been excellent; for the year to 31st December 2017 revenues increased 18% to £79.6m and EBITDA increased 19% to £38.8m.

Over the last 6 years, the business has taken the share price from under £1 to over £6 and SMS Plc currently enjoys a hugely impressive market cap in the region of £700m.

The Future

A meter asset portfolio was created and built with all gas suppliers in the UK, followed by a new smart metering and data management offering serving the industrial and commercial (I&C) market in addition to preparing for the roll out of smart metering in the domestic market. The UK government’s objective is to have all domestic gas and electricity consumers installed with a smart metering solution by 2020. This represents a massive opportunity for SMS Plc who have already signed contracts with a number of second tier suppliers in relation to domestic smart meters.

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