Smarter Metering Systems (SMS) has announced that Alan Foy is stepping down as chief executive.
He will be replaced by chief operating officer Tim Mortlock from 1 March.
Mortlock has been with the Glasgow-based energy infrastructure company for more than 20 years and has been chief operating officer since 2019.
A trading update for the financial year 2021 explained that pre-tax profit is expected to be marginally ahead of consensus, after being upgraded in September.
The board noted that the failure of some energy companies resulted in “movement in our customers’ metering portfolios”, although the net impact was negligible on the group’s pipeline. Its domestic smart reader portfolio increased from 1.3 million in 2020 to 1.7 million last year.
SMS reported a net cash position of £118m at 31 December 2021, reflecting internal cash generation and the net proceeds of the group’s £175m equity placing to finance future growth.
The group also extended its exclusivity agreement and partnership with Shell Energy Retail for a further four-years, for the installation and funding of smart meters.
Miriam Greenwood, chair at SMS, said: “On behalf of the board I would like to express our sadness at Alan leaving SMS and thank him for his tireless work over two decades – the resilience of the business which Alan has played a key role in building has been particularly demonstrated over the last two years in a time of unprecedented volatility in our markets.
“The board is confident that he is the right individual to succeed Alan and to continue to drive our business forward for our customers, shareholders and employees.”
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