Good morning, and welcome to our first half 2021 results presentation. I'm Alan Foy, Chief Executive Officer, I'm joined today by Tim Mortlock, our Chief Operating Officer, and Gavin Urwin, Chief Financial Officer. I'll begin with an overview of the company's key developments during the first half. Tim will then provide an overview of the group's operations, which will then be followed by Gavin updating on the group's financials and our proposed revised capital structure before I conclude with a summary and an outlook. Despite the impact of the pandemic, especially in quarter one, SMS's first half financial performance remained robust. Long-term index-linked recurring revenues were up 11% to GBP 84.2 million, growing to GBP 84.8 million by the end of August. Underlying PBT was up 5%, despite the asset disposal in April 2020. We expect the full year 2021 PBT to be marginally ahead of our previous expectations, which is a testament to the resilient nature of our business model and the high degree of predictability of the metering cash flows. During the first half of the year, we maintained strong momentum in further expanding our pipeline of CaRe products, that's our Carbon Reduction products. In smart meters, we increased our contracted smart meter order pipeline to circa 2.75 million meters, with now more than GBP 500 million of CapEx to be deployed, generating an additional GBP 55 million of EBITDA. We also progressively improved our run rate throughout the year, and we installed more than 30,000 meters per month between June and August, which is circa 20% higher than the pre-COVID run rate. We also acquired a portfolio of I&C half-hourly electricity meters and data assets from a large energy supplier at the start of 2021. This value accretive acquisition added an initial GBP 3.1 million to our index linked annualized recurring income, or ILARR. Beyond meters, our long-standing expertise in designing and delivering large scale electrical infrastructure projects has allowed us to rapidly develop a grid scale battery portfolio. Within less than a year, we have developed a pipeline of 470 MW, which will require circa GBP 180 million of CapEx over the next five years. Once all constructed, will generate an additional GBP 20 million of EBITDA per annum. I'm also pleased to announce the proposed equity raise, which coupled with our revised debt facility and internally generated cash flows, will enable us to deliver the existing pipelines in our established products, and will also allow SMS the opportunity to increase EBITDA over the coming years. The group's position will be strengthened to take advantage of the significant additional growth opportunities while also ensuring a prudent leverage. We continue to make tangible progress on our ESG initiatives. We introduced our Net Zero 2030 carbon emissions target last year and have made encouraging progress towards it. We also received several awards and accreditations on various initiatives. SMS is committed to the highest standards in corporate governance, and this has been reflected in us receiving the highest scoring range by MSCI for corporate governance in 2020. Here we summarize the sources and uses of funds. The proposed equity raise, coupled with the GBP 420 million of revised debt facilities and internal cash generated, will provide liquidity enabling the group to fund its existing pipelines of circa 2.75 million smart meters and 470 MW of grid scale battery assets, which on delivery would add an incremental GBP 75 million of EBITDA. You can see that our fully integrated and scalable technology platform, Metis, is at the heart of our business operations, delivering end-to-end turnkey solutions from the origination, data collection, operation, and management of our assets and services. Coupled with the strength of our existing customer relationships and the rising demand for sustainable CaRe products underpinned by current legislation, this provides us with a great platform for future growth. Before I hand over to Tim, I want to reemphasize our dedicated focus on sustainability, which has been at the heart of our culture, operations, and our mission ethos. Our business is fundamental to enabling a low carbon energy future. A few updates on how we continue to make tangible progress in our ESG objectives. We introduced our Net Zero 2030 carbon emissions target last year, and we've made encouraging progress towards it. Beyond this, our aim is to become carbon negative business by targeting Scope 3 Carbon Reductions. We're also committed to supporting our staff and fostering diversity, and we've received several awards and accreditations through the year. The health and safety of our employees, customers, and partners is of the utmost importance to SMS, and our investment over the past years is making a very effective contribution to the business. SMS is also committed to the highest standards in corporate governance, and this has been reflected in us receiving the highest scoring range by MSCI for corporate governance in 2020. I'll now hand over to Tim Mortlock to provide you an update on our group operations. Thank you, Alan. This slide provides a breakdown of index-linked annual recurring revenues and metering in data assets under management by category, with ILARR being GBP 84.2 million as of the end of June. Just as a quick refresh on the quality of the metering cash flows. These assets are an attractive infrastructure-style asset class, generating visible, high-quality, and predictable cash flows largely in perpetuity. Our meter asset contracts are largely RPI index-linked, which provides protection against an inflationary environment. We also have the right to replace meters at the end of life, where we are the industry-appointed Meter Operator or Meter Asset Manager, known as MOP or MAM. Rentals from the meter assets are purely availability-based and therefore are not exposed to any volume or power-price risks. Our counterparties are the licensed energy suppliers with termination protection against early removal of meters. The meters we own also come with certification and warranty protections, including contributions to any labor replacement costs. Since the beginning of 2021, and as we have exited COVID restrictions, both the wider industry and SMS continue to make progressive improvements in the installation run rate. We are currently operating at circa 20% higher run rate compared to pre-COVID levels. Significant industry progress was made in the enrolment and adoption of SMETS1 meters to the central Data Communications Company, or DCC, platform. As of the 2nd of September, approximately 5.6 million SMETS1 meters have been migrated to the DCC platform, which is almost a third of the total SMETS1 meters installed. The SMETS1 meters within the SMS portfolio commenced this over-the-air migration in August 2020, and we expect this enrolment process to continue now through to the end of 2022. As Alan highlighted earlier, we currently have a circa 2.75 million contracted smart meter order pipeline, having added contract wins this year. Energy suppliers are under regulatory obligations to achieve binding annual installation targets from 2022 onwards, and we currently have a further estimated addressable market opportunity of circa 2.6 million meters, which we believe are currently uncontracted within our core market of the independent energy suppliers. SMS have developed a 470 MW pipeline of grid-scale battery projects, over which we have exclusivity. 240 MW of this pipeline is now fully acquired, and the first 90 MW of projects are planned to go live in Q1 2022, with the remainder planned to be completed through to 2025. Beyond this contracted opportunity, we are developing a wider pipeline of projects across the country. As presented at our Capital Markets Day in June, here we show a real-life case study and detailed economics of our first 50 MW grid-scale battery project. The photo shows that the containerized lithium-ion battery cells have begun to be deployed on site, where they are mounted onto aboveground plinths and connected to an on-site 33 kV electrical network. We are now establishing the on-site 132 kV to 33 kV transformer, which will enable connection to the local 132 kV DNO network. The development of this project is on track to be delivered by Q1 2022 and within the expected budget. The cash flows from grid-scale batteries are attractive. It is the underlying daily requirement for balancing services, which, in tandem with growth in intermittent renewable generation, drives the increase in the need for such services, and it forms the baseline projections within our financial forecasts. Batteries can, however, also provide additional frequency response and system services to the local network operators, and these additional revenue streams will therefore be accessed when it is value accretive to do so. The counterparties are therefore the system operators, National Grid, the energy markets, and the DNOs, providing strong revenue protection allied with strong battery warranty protections. We have guided to an initial EBITDA yield of 11%-14% and a bill cost of around GBP 380,000 per megawatt. Our initial pipeline of 470 MW of grid-scale batteries is expected to generate at least an additional GBP 20 million of EBITDA by 2025. Our 11%-14% EBITDA yield range is based on our baseline revenue assumptions. If these assets were operational this year and accessing the additional services, we would have generated a higher yield. We continue to make progress in further expanding our CaRe products and services. Notably, we have continued to grow our data services to the U.K. energy suppliers, particularly following the acquisition of the I&C meter portfolio in March and the associated data services contracts. We also continue to deliver our pilot solar and storage projects behind the meter, where we see a substantial market opportunity initially within the social housing sector, but in the longer term, across all the U.K. domestic and commercial properties. The case for this solution continues to strengthen. For example, not only to address the need to substantially decarbonize and improve the EPC rating of housing stock, but also to offset the continued increases in energy prices. I will now hand over to Gavin Urwin to provide you an update on the group financials. Thank you, Tim. I'm pleased to announce our proposed equity raise, coupled with a GBP 420 million revised debt facility. The revised facility is for GBP 420 million, which is an increase of GBP 120 million on the existing GBP 300 million facility. The revised facility runs out to December 2025, has the ability to fund both meters and battery assets 100% loan to value, and underpins the attractive nature of both the meter and battery asset classes. The proposed enhanced liquidity will allow SMS the opportunity to increase EBITDA over the next five years from its existing pipeline of meters and grid-scale batteries. In addition, the group's position will be strengthened to take advantage of additional growth opportunities whilst also ensuring a prudent leverage. Going back to the first half financial performance, I feel it's important to present these strong results in context reflecting the current economic environment. Coming through COVID-19, we are not only a stronger and more resilient business, but also have maintained strong growth momentum in new meter contract wins and expanding our grid-scale battery pipeline. When adjusting for the impact of the industrial and commercial asset disposal in April 2020, the business has grown across all of its key financial metrics of ILARR, revenue, underlying EBITDA, and PBT. Whilst progressively increasing our installation run rate, we have ensured strong operational efficiency within our installation resource. The board now expects the full year 2021 underlying PBT to be marginally ahead of its previous expectations. As I just noted on the previous slide, a key point to note here is that excluding the effect of the disposed I&C meter portfolio in April 2020, revenue underlying EBITDA and PBT grew year-on-year. Excluding the impact of the disposal, revenues within the asset management division improved during the first half. The asset installation revenues continued to improve as non-essential field activities increased in utility connections and infrastructure services after the lifting of COVID-19 restrictions. Energy management has seen the biggest COVID impact, with revenues declining year-on-year. The key energy management projects operated at low capacity due to the slow recovery of the hospitality industry post-COVID-19. We have recorded GBP 3.7 million of exceptional items during the first half. This compares with the GBP 186.3 million last year, which was predominantly impacted by the disposal of the I&C meter assets, resulting in a net gain of GBP 194.7 million. Of the total exceptional items, GBP 0.5 million is attributable to COVID-19, and GBP 3 million relates to the losses on the traditional and SMETS1 meter portfolio, which continue to be classified as exceptional, as these removals are attributable to the temporary industry transition. Turning to our cash flow, this slide shows the cash movement during the first half and highlights the strong cash generation of GBP 34.4 million from our existing meter and data portfolios. We ended the first half with a net cash position of GBP 5.6 million, down from GBP 40.2 million as of December 2020. I will now hand over back to Alan to provide a summary and outlook of the business. Thank you, Gavin. The deployment of our pipeline of meter and data assets will see us investing GBP 690 million of capital. The proposed equity raise and the revised debt facilities will enable us to deliver a further GBP 75 million of EBITDA from our current pipelines. The existing portfolio of assets supports an attractive dividend policy of GBP 0.275 per share in 2021, with the expectation to grow at 10% per annum until 2024. The dividends are almost two times covered from cash from operations. In addition to our existing pipeline, we have an additional EBITDA opportunity of GBP 1.2 billion within our established CARE products. We are also undertaking trials and building commercial models within the developing CARE products category, which is, again, a large market opportunity. For SMS, ESG has always been and remains at the heart of our culture, operations, and ethos. We continue to make strong progress in our journey and are also proud to have achieved the highest rating for governance by MSCI. I hope the presentation provides you with a good overview of the progress that we have made during the first half of the year and the exciting future growth potential of the business. This concludes our presentation, and I will now hand over for questions.
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