Smart Metering Systems (SMS) released strong H1/23 interim for the period to 30 June 2023 with ILARR up 18.2% to £110.0m and revenue up 26.5% to £79.3m. We have upgraded FY23E and FY24E revenue and adjusted EBITDA forecasts following higher ILARR indexation, increased meter transactional activity, and higher average rental from single-fuel I&C smart meter installations. SMS’s high proportion of index-linked revenues provide a natural hedge against a higher interest rate environment whilst signif ....
