In the first six months of 2023, Smart Metering Systems (SMS) demonstrated a robust 13% growth in its index-linked annualised recurring revenue (ILARR), reaching £110 million compared to £97 million in the second half of 2022. The company's grid-scale battery storage assets portfolio also witnessed substantial expansion, reaching 860MW in H1 2023, compared to 760MW in H2 2022.
Among the total grid-scale battery storage assets, 140MW is operational, performing as expected by the board. Additionally, 470MW is fully secured, while the remaining 150MW is anticipated to become operational in the second half of 2023.
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SMS' CEO, Tim Mortlock, expressed satisfaction with the company's performance during H1 2023. He credited the resilience of their business model, which relies on index-linked recurring revenues, for the strong operational and financial results achieved.
Mr. Mortlock highlighted the company's positive outlook, stating that the existing pipeline of meter and grid-scale battery assets is projected to more than double the Group's EBITDA in approximately four years, compared to the results of FY 2022. He emphasized the presence of significant growth opportunities in the company's existing and developing CaRe assets.
