Full Year Results 

Smart Metering continues network growth

Smart Metering continues network growth

Smart Metering Systems (SMS) is still in expansionary mode on the back of the UK government’s commitment to offer every household and small business a smart meter. Whitehall’s determination to drive energy efficiency has seen the group's network expand by more than a million units to 3.13m in 2018, and management expects installation rates to accelerate in the coming months. However, this investment came at a cost. Net debt almost quadrupled to £142m in the year, equivalent to 2.75 times adjusted cash profits, while statutory earnings were constricted by the depreciation charge, the largest non-cash cost item, which increased by 55 per cent to £21.8m.

To continue reading, subscribe today

and enjoy unlimited access to the following:

  • Tips of the Week
  • Funds coverage
  • Weekly features on big investment themes
  • Trading ideas
  • Comprehensive companies coverage
  • Economic analysis
Subscribe to Investors Chronicle

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now