Smart Metering Systems PLC Return of furlough grant (6124R)
01 Luglio 2020 - 8:00AM
UK Regulatory
TIDMSMS
RNS Number : 6124R
Smart Metering Systems PLC
01 July 2020
1 July 2020
Smart Metering Systems plc
Return of furlough grant
Smart Metering Systems plc (AIM: "SMS", "the Group"), which
installs and manages smart meters and carbon reduction assets
("CaRe(1) ") to facilitate effective energy management, is
returning the grant received from the UK government pursuant to the
Coronavirus Job Retention Scheme (the "CJRS").
As previously announced, SMS suspended its smart meter
installation activities on 22 March 2020 as a result of the
developing Covid-19 situation. Due to significant uncertainties at
that time and the material impact of the cessation of activities on
the utilisation of a large number of the Group's workforce, SMS
elected to furlough some of its staff and apply for a grant under
the CJRS. Over this period, SMS continued to supplement the amounts
received to ensure furloughed staff received 100% of their
salary.
As announced on 1 June 2020, SMS resumed non-essential
activities, including installation of smart meters and has emerged
from the recent uncertainties with a strong financial position. The
Group's net cash position of GBP48m (excluding the grant) at 31 May
2020 is ahead of previous expectations and SMS continues to
forecast underlying profitability for the year to 31 December 2020
to be in line with the Board's earlier expectations.
SMS has therefore taken the decision to return the funds
received from the UK Government under the CJRS and has also
withdrawn from the scheme forthwith.
SMS will release a further trading update on 30 July 2020.
(1) All carbon reducing assets including energy efficiency
systems, metering, lighting, battery storage, distributed
generation, EV charging, data and control, etc.
For further information:
Smart Metering Systems plc 0141 249 3850
Alan Foy, Chief Executive Officer
Dilip Kejriwal, Investor Relations
Cenkos Securities plc (Joint Broker and 0131 220 6939 / 020
Nomad) 7397 8900
Neil McDonald / Pete Lynch
Investec Bank plc (Joint Broker)
Christopher Baird / Henry Reast 020 7597 5970
RBC Capital Markets (Joint Broker)
Matthew Coakes / Evgeni Jordanov 020 7653 4000
Instinctif Partners 020 7457 2077
Adrian Duffield / Kay Larsen / Chantal
Woolcock
Notes to editors
SMS plc (www.sms-plc.com) installs and manages smart meters and
carbon reduction assets ("CaRe") to facilitate effective energy
management. Established in 1995, SMS provides a full end-to-end
service for metering financing, installation, management and
maintenance, with a highly skilled workforce and deep engineering
expertise.
SMS had 3.73 million meter and data assets under management as
of 31 December 2019. SMS's smart meter expertise also enables the
Company to provide consultancy services that allow organisations
and corporates to enhance long term efficiency and effectiveness in
the management of energy.
SMS's energy management and asset installation services also
include infrastructure design, installation, consultancy and
project management services for new gas, electricity, water and
telecoms connections for licensed energy and telecoms suppliers,
end consumers and the UK's licensed electricity Distribution
Network Owners (DNOs).
SMS employs in excess of 1,200 people across the UK who support
the installation and ongoing management of metering assets.
SMS plc is headquartered in Glasgow with 12 locations across the
UK.
SMS's shares are listed on AIM.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCKKKBKOBKDNAN
(END) Dow Jones Newswires
July 01, 2020 02:00 ET (06:00 GMT)
Grafico Azioni Smart Metering Systems (LSE:SMS)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Smart Metering Systems (LSE:SMS)
Storico
Da Apr 2023 a Apr 2024