GLASGOW-based Smart Metering Systems has recorded another year of strong growth in sales as the firm capitalises on official attempts to cut energy consumption.

The Aim-listed firm said its recurring revenues increased by 38 per cent in 2017, to £57 million, compared with £41.3m in the preceding year.

The growth in sales followed a 62 per cent increase in the number of meters and associated data collection units SMS manages, to 2.03m.

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The Government has required energy companies to provide smart meters to all their customers by the end of 2020, to help in managing energy usage.

In November SMS highlighted the scale of the opportunity the programme has created for meter specialists when it raised £150 million from institutional investors and refinanced a £280m debt facility. The exercise gave the firmthe firepower to buy millions more meters.

It said then the size of the UK domestic smart meter market roll-out was approximately 53 million meters. Directors said the funds raised would help the company maximise its market share as part of a ‘land-grab’ opportunity for a growing UK infrastructure asset class.

Chief executive Alan Foy said yesterday the fund-raise and refinancing provided SMS with an extremely strong financial platform to help customers complete their domestic smart meter programmes.

The company has agreements in place with nine energy firms.

In an update on 2107 trading the company said it expected its results for the year would be in line with current market expectations. The results will be published in mid March.

The company said both gas meter and associated data collection revenue increased by 15 per cent annually in 2017, to £36.1m and £3m respectively.

Electricity meter revenues nearly tripled to £11.2m. Data sales rose 56 per cent to £6.7m.

SMS began life focused on the industrial and commercial market before moving into the larger domestic sector in 2016.

Shares in the firm closed down 23p at 710p. They peaked at 874.5p in December. SMS completed the placing in November at 690p per share.