Smart Metering Systems (SMS) has reported a 13% growth in index-linked annualised recurring revenue (ILARR) in the first six months of 2023, ending on 30 June.
In H1 2023 ILARR rose to £110m, compared with £97m H2 2002, ending 31 December 2022.
SMS’ grid-scale battery storage assets portfolio increased to 860MW in H1 2023, compared with 760MW in H2 2022.
Out of this 140MW is operational, performed within the board’s expected range, with 470MW fully secured and 150MW expected to be operational in H2 2023.
Tim Mortlock, CEO of SMS, said: “We have delivered another strong operational and financial performance during H1 2023, a testament to the resilient nature of our business model which is underpinned by our index-linked recurring revenues.
“Our existing pipeline of meter and grid-scale battery assets is expected to more than double the Group’s EBITDA in c.4 years compared to FY 2022, with significant additional growth opportunities in existing and developing CaRe assets.”