Fundraising - SEPTEMBER 14, 2021

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SMS seeks $242m in share placing

by Kali Persall

Smart Metering Systems (SMS) is seeking to raise £175 million ($242.1 million) in a new share placing, according to The Wall Street Journal.

The proposed raise comes as SMS’ pretax profit fell to £5 million ($6.9 million) from £194.5 million ($258 million) the year before, and revenue fell to £51.7 million ($71.5 million) from £54.2 million ($75 million). To compare, the previous year, the company had reported £186.3 million ($257 million) of income.

The proposed raise will be used to part-fund opportunities, from both within its established properties and developing carbon-reduction products.

SMS provides a fully managed metering and data service to the industrial, commercial and domestic markets.

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