Smart Metering Systems
- Sector: Energy & Utility
- Region: Scotland
From a small gas connections business to a large end-to-end utilities company, Smart Metering Systems (SMS) started on the road to success in 1995.
Now, the company provides everything from project managing the installation of the gas and/or electricity supply and connection through to the procurement, installation and management of meter assets, data collection, and ongoing energy management solutions.
The business transformed from a UK-wide contracting service to a meter asset manager in 2004, followed by the development of its own meter asset portfolio from 2009 onwards. After this, it added smart metering and a data management facility to its offering, serving industrial and commercial markets, as well as domestic customers. The business floated on AIM in 2011 and has since grown its share price tenfold. "We were installing 2,000 meters a month when we were admitted to AIM. By December that year, we were installing 9,000 meters a month because we had the capital we needed," says Alan Foy, Chief Executive Officer.
SMS is now in the FTSE AIM 50 index and has recently come back to market in November 2017 to raise an additional £150m to fund its future growth.
SMS took over Utility Partnership Ltd in 2014, marking its first acquisition and the coming together of two very similar companies, sharing values and culture. "I am convinced that we wouldn’t have been able to buy that business if we hadn’t been listed," says Alan.
In 2015, there were 300 employees and two offices. Now, following a further three acquisitions, there are more than 750 employees spread across 12 locations nationwide; this shows the fast pace and magnitude of the company’s growth over the past few years.