A very positive trading update from gas meter ‘soup to nuts’ asset management firm, Smart Metering Systems, presaging 2011 revenues 29% higher at £16m and ‘adjusted’ EBITDA almost doubling to £5.7m.
You might reasonably assume that SMS appears not to be in ‘our space’. But if you read prior posts (see Smart maiden interims for Smart Metering Systems and work back) you will see that there is an embedded IT bit for gas meter automatic data management which piqued my interest. SMS obviously plays to the ‘smart meter theme’, for which our Government’s woefully misguided plan to replace the nation’s 50-odd million UK gas and electricity meters with ‘smart’ devices kindly provides much momentum (see Smart Meter Madness (6)).
SMS’ shares listed on AIM last July at 60p and are now trading at 102p, 11% up on today’s news. Well, if you are looking for a bandwagon to hop on … (Ed’s note: And no, this is not investment advice!