The Smart Metering Systems Plc Board is proposing a 27.5p per share dividend (FY 2020: 25.0p). The dividend demonstrates the sustainable growth delivered by SMS's strategy and is covered by long-term index-linked cash flows from the existing metering and data asset base.
Other financial highlights include:
ILARR at 31 December 2021 up 12% to £85.9m (2020: £77.0m)
Pre-exceptional EBITDA up 6% to £52.8m (2020: £49.9m), up 17% like-for-like
Underlying profit before taxation up 20% to £18.3m (2020: £15.2m), up 58% like-for-like
Acquired I&C meter portfolio and data service contracts initially adding c.£3.1m of ILARR
Completed £175m equity raise in October and refinanced debt facility increased to £420m
Net cash at 31 December 2021 of £117.7m (2020: £40.2m)
