AIM News: Smart Metering Systems debuts on AIM

Gas infrastructure firm Smart Metering Systems has made its debut on the AIM.

The floatation netted the firm, which provides connection services and gas meter asset management services, £10 million.

It plans to further develop its own smart metering technology and saw an oversubscribed placing of shares at 60p each.

It said it will plough the proceeds back into investment in its patent-pending ADM smart metering device in a bid for further growth.

Established in 1995, the firm has grown on the back of diversifying its services to meet the requirements of gas supplier clients after market deregulation boosted competition.

Alan Foy, the company's chief executive, said: "Our flotation on AIM today marks a new chapter for our business. We have a strong business model which investors have shown their support for during the IPO process and now look forward to building shareholder value as a listed company."

The group runs three subsidiaries - UK Gas Connection (UKGC), UK Meter Assets (UKMA) and UK Data Management (UKDM).