Smart Metering Systems plc of Glasgow, Scotland, said its grid-scale battery portfolio increased to 760MW at the end of the first half of 2022, up from 620MW six months earlier.
A second site of 40MW is now energised and is in the final stages of commissioning, it added. A further 100MW is expected to come online by the end of H1 2023.
The company, which installs and manages smart meters, energy data, grid-scale battery storage and other carbon reduction assets, said its first-half group revenue was up to £62.7 million, a 21% rise from the same period a year before. Pre-tax profit rose 22% to £6.1 million, and basic earnings per share surged 274% to 3.37p.
The company board said it was confident in the Group’s growth prospects for FY2023:
- it expects the increase in smart meter installation run rates to continue
- its forward view on grid-scale battery returns has improved
- the prevailing inflationary environment is expected to have a net positive impact on its forecasts due to its index-linked contracts.
Tim Mortlock, Chief Executive Officer, said: “The strong half-year results again demonstrate the resilience of our business model, which is underpinned by our index-linked recurring cash flows from meter and data assets, and reflect the strong performance of our first grid-scale battery storage project.”
Smart Metering Systems’ shares are quoted on AIM.
Picture: 50MW grid-scale battery site at Burwell, Cambridgeshire, England