Good morning, and welcome to our full year 2021 results presentation. I am Tim Mortlock, Chief Executive Officer, and I'm joined by Gavin Urwin, Chief Financial Officer. Before I begin the presentation, I'm very proud to have been asked to take over as CEO from Alan Foy at the start of this month. On behalf of both myself and the business, I'd like to thank Alan for his tireless work over the last two decades, over which period the business has seen enormous growth and success. Alan leaves the business with exceptionally strong foundations and well-positioned to continue our growth story in the future. I will begin the presentation with an overview of the company's key developments during 2021, and our strategy. Provide an overview of the group's operations. This will then be followed by Gavin updating on the group's financials before I conclude with a summary. We will then be happy to answer any questions. Despite the impact of the COVID-19 pandemic and the turbulence in the energy market, SMS has delivered yet another impressive and resilient financial performance. Long term index linked recurring revenues were up 12% to GBP 85.9 million, growing to GBP 86.8 million by the end of February, in line with our expectations. This ILR also includes the I&C half-hourly electricity meter portfolio and data services contracts we acquired last year. Our meter and data contracts are linked to RPI, providing protection against the inflationary environment. The inflation factor on our contracts is adjusted upwards on first of April every year, and for 2022, the adjustment factor will be 4.3%. The financial performance was robust and marginally ahead of the previously upgraded expectations. EBITDA was up 6% to GBP 52.8 million, or up 17% on the like-for-like basis, once adjusted for the 2020 I&C meter portfolio disposal and the 2021 I&C half-hourly meter and data portfolio acquisition. Profit before tax is up 20% to GBP 18.3 million, or up 58% on a similar like-for-like basis. This strong financial performance is a testament to the resilient nature of our business model and the high degree of predictability of the metering cash flows. During the year, our contracted smart meter pipeline increased by 900,000 m. Net of the meters installed, the pipeline stood at 2.55 million at the end of the year. During the year, we also extended our exclusivity agreement with Shell until December 2025. While the failure of some energy suppliers resulted in movement in some of our customers' metering portfolios, the net impact on the group's pipeline has been negligible. We have also benefited from a strengthening in our customer base as some portfolios have consolidated into larger SMS customers through the Supplier of Last Resort process. We made considerable progress in developing our pipeline of grid-scale battery storage assets. The total pipeline increased to 620 MW, of which the first 50-MW battery site at Burwell is now operational, ahead of program and on budget. A further 270 MW is fully secured, of which 40 MW is scheduled to become operational in mid-2022, and another 100 MW in the first half of 2023. The remaining 300 MW is under exclusivity. We also continue to make progress in building the commercial models and pilots for our developing carbon reduction or what we call CARE products and services, such as EV charging infrastructure and behind the meter solar and storage. We had a net cash positive position of GBP 118 million at December 31, 2021, supported by the GBP 175 million oversubscribed equity placing and strong internal cash generation. Following the refinancing of our debt, we finished the year with access to our full GBP 420 million revolving credit facility, and are therefore in a strong position to support the delivery of our existing meter and battery pipelines. Our existing portfolio of assets supports an attractive dividend policy of a proposed 30.25 pence per share in 2022. With this expected to grow at 10% per annum until 2024. This dividend demonstrates the sustainable growth delivered by SMS's strategy and is more than covered by long-term index-linked cash flows from the existing unencumbered metering and data asset base. We continue to make tangible progress on our ESG performance, most notably in our journey towards net zero by 2030. Plus, we also received several awards and accreditations for various social initiatives. I'm also pleased with our best ever health and safety performance, and that we maintained our highest relative scoring on corporate governance from MSCI. Our strategy is rooted in sustainability. We are a business focused on originating, owning and operating core assets with long-term index linked secure cash flows, and then using the energy consumption data from those assets digitally and analytically to provide services which enable our customers to access significant carbon reductions and cost savings. Our technology platform, Metis, is at the heart of our business. This fully integrated and scalable capability, together with our engineering infrastructure, the strength of our existing customer relationships, and the rising legislatively driven demand for sustainable core products, provides us with a great platform to deliver market-leading returns and growth. Since the business was listed in 2011, we have seen consistent growth in our key metric, index-linked annualized recurring revenue, which has grown at a 31% compounded annual growth rate. This growth rate is also after the disposal of a minority of our industrial and commercial meter portfolio, which we sold in 2020. As can be seen from our strong financial performance in 2021, we maintained this strong growth momentum last year and delivered financial performance ahead of the already upgraded consensus expectations. With ILARR growing by 12% and like-for-like EBITDA up 17%. Our existing contracted pipeline of meters and grid-scale battery assets alone provides significant future growth potential, which on delivery is expected to more than double our EBITDA. With continued opportunities to grow these pipelines in our established products further. Our fully integrated platform provides us additional growth opportunities within our developing care verticals, all of which are closely aligned to our existing skills and capabilities. ESG remains at the core of our culture and operations. It has always been part of our DNA. Our business purpose and mission is intrinsically linked with tackling one of the greatest challenges of our time, carbon reduction, and we are proud to be applying this sustainable approach to our own operations. A few updates on how we continue to make tangible progress in our ESG objectives. The health and safety of our employees, customers and partners is of utmost importance to SMS. We are particularly pleased that all of our key health and safety measures have shown significant continual improvement, and we also continue to share this best practice with the wider industry. We introduced our net zero 2030 carbon emissions target last year and have made encouraging progress towards it. More than 90% of company cars transitioned to plug-in hybrids, and we have commenced upgrades for energy efficiency and renewable solutions at our offices. We were also recognized with the London Stock Exchange's Green Economy Mark for another consecutive year. We are committed to supporting our staff and fostering diversity and have received several awards and accreditations throughout the year. We have also just announced that we have joined the Purpose Coalition, which aims to deliver on the leveling up impact report. SMS is also committed to the highest standards in corporate governance, and this has been reflected and is maintained in the highest scoring range by MSCI for corporate governance. In this next section, I will provide an update on the group's operations. This slide provides a breakdown of our ILARR and metering and data assets under management by category. With ILARR being GBP 85.9 million as of the end of December, growing to GBP 86.8 million by the end of February in line with our expectations. Despite the impact of COVID-19, particularly during the first half of the year, we added a net 320,000 domestic smart meters during the full year and increased our portfolio to 1.7 million meters, generating more than GBP 50 million ILR. The data assets portfolio benefited from the acquisition of GBP 2 million of data services contracts as part of the I&C half-hourly meter portfolio acquisition. The significant jump in industrial and commercial ILR was again in part due to the acquisition of the I&C half-hourly meter portfolio alongside our continued organic growth. The traditional domestic meters and the third party ILR are largely made up of traditional meters, and as anticipated, we expect this to come down over the next few years as traditional meters are replaced with smart. 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. During 2021, our smart meter installation run rate increased to over 30,000 meters per month in the second half of the year. Currently, we are installing over 9% of all new smart meters in the U.K. Significant industry progress was made in the enrollment and adoption of SMETS1 meters to the Data Communications Company or DCC platform. As of 28th of February, approximately 8 million SMETS1 meters have been migrated to the DCC platform, which is around half of the total SMETS1 meters installed. Enrollment of the SMS portfolio of SMETS1 meters were broadly in line with industry. Recently, there's also been some publicity regarding the impact on the smart meter infrastructure of the U.K. turning off 2G and 3G mobile services by the mid next decade. It's worth highlighting that the northern DCC region uses Arqiva's low power radio network and hence would remain unaffected. In the central and southern regions, the communication method is 2G or 3G provided by Telefónica. However, the switch off of 2G, 3G will only impact the communication hub, which we do not own, not the smart meters themselves. The communication hub may have to be replaced to accommodate any such future change in communications, but that would be a replacement cost for the energy suppliers or the DCC, not SMS, and would not affect the meters. It may, however, provide a one-off revenue generating opportunity for SMS wherever our engineers replace the communication hub on behalf of energy suppliers. During the year, we announced new meter contract wins, adding a total of 900,000 meters to our contracted smart meter order pipeline. We also announced a 4-year extension to the exclusivity agreement with Shell, which now runs until December 2025. Net of meters installed in 2021, our contracted smart meter order pipeline increased to 2.55 million from 2 million at the end of 2020. With energy prices at record highs, the U.K. energy market has been experiencing considerable turbulence since the final quarter of 2021. This has resulted in the failure of a number of energy suppliers and the implementation of both the U.K.'s Supplier of Last Resort mechanism and the Special Administration Regime. While the failure of some energy suppliers has resulted in movement in some of our customers' metering portfolios, the net impact on the group's pipeline has been negligible. We have also benefited from a strengthening in our customer base as some portfolios have consolidated into larger SMS customers through the Supplier of Last Resort process. The board remains comfortable with the level of the previously guided contracted smart meter order pipeline, which at December 31, 2021 stood at circa 2.55 million meters. During 2021, we made considerable progress in further developing our pipeline of grid-scale battery storage assets. The total pipeline increased to 620 MW compared to 267 MW at 31st December 2020. Of the total 620 MW pipeline, 50 MW is now operational, delivered ahead of program and on budget, and is performing in line with our initial expectations. Of the remainder, 270 MW is fully secured and 300 MW remains under exclusivity. Our second site of 40 MW will be operational by mid-2022. The environmental and legislative moves to a net zero economy are having a fundamental impact on energy networks around the world. The retiring of fossil fuel-based generation and significant increase in low carbon renewable generation, together with increases in peak electricity demand on the grid, driven by the electrification of heat and transport, provides a significant challenge to balance the energy networks and to minimize the need for costly network reinforcement. The impact of this shift in the generation and demand mix can already be seen through the rise in volatility of the U.K. power prices over the last five years, providing an increasing challenge to manage the capacity and frequency of the energy grid. Grid-scale battery storage, our long-term critical infrastructure assets, provide the necessary resilience and short-term balancing services to the energy system, enabling the further adoption of renewables. The cash flows from grid-scale batteries, once commissioned, are fundamentally driven by the daily requirement for balancing and frequency services on the grid. It's worth highlighting that the recently held T1 and T4 capacity market auctions have cleared at record prices. The T1 auction for one-year contracts starting in October 2022 cleared at GBP 75,000 per MW, and the T4 auction for 15-year contracts starting in October 2025 cleared at over GBP 30,000 per MW, which reinforces the need for this asset class and the attractiveness of the revenue streams. Overall, SMS was awarded 190 MW of projects for the T1 auction, derated to 47 MW, and 240 MW for the T4 auction, derated to 48 MW. As a reminder, we expect an initial EBITDA yield of 11%-14% and a build cost of around GBP 380,000 per MW on our grid-scale battery projects. Our initial pipeline of 620 MW of grid-scale batteries, once fully constructed, is therefore expected to generate an additional GBP 26 million of EBITDA based on our baseline revenue assumptions. 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 April and the associated data services contracts. We continue to see significant opportunity in this area, particularly as the market moves to mandate the use of half-hourly data from smart meters by 2025. We launched our solar power solution in 2021, with pilot projects being carried out in around 1,000 homes in Scotland, with further pipeline developing across the U.K. We also see significant market opportunity through the provision of EV charging solutions, both in the domestic and destination charging market segments, and continue to build our capability, experience, and commercial proposition in this space. I will now hand over to Gavin Urwin to provide you with an update on the Group's financials. Thank you, Tim. In 2021, we again faced a challenging macro environment, with COVID-19 impacting the early part of the year and the U.K. energy market facing considerable turbulence in the second half of the year. Despite this, we are pleased to report financial results ahead of already upgraded market expectations, underpinning the resilience of our business model. During the year, we successfully raised GBP 175 million of equity and refinanced our debt facilities to GBP 420 million at attractive terms. This, coupled with strong net cash generation from operating activities, resulted in a net cash positive position of GBP 180 million at the year-end. In 2021, the business has grown all of its key financial metrics of ILARR, revenue, pre-exceptional EBITDA, and underlying PBT. On adjusting to the impact of the industrial and commercial asset disposal in April 2020, and the half-hourly I&C metering and data portfolio acquisition in 2021, we see like-for-like growth in EBITDA and PBT of 17% and 58% respectively. Whilst progressively increasing our smart meter installation run rate during 2021, we have maintained a strong operational efficiency within our installation resource. Finally, the board remains confident of the full year 2022 consensus expectations. The growth in revenue year-on-year to GBP 108.5 million is predominantly driven by the asset management and asset installation divisions. Revenues in asset management improved due to the increased meter installations in 2021, and despite the impact of the I&C asset disposal in the first half of 2020. The asset installation revenues improved as non-essential field activities increased in utilities, connections, and infrastructure services after the lifting of COVID-19 restrictions. We particularly saw growth in transactional meter works in the second half of the year. As I noted in the previous slide, we continue to focus on operational efficiency and cost control within the installation division, which has resulted in improved margins. Energy management has seen the biggest COVID impact, with revenues declining year-on-year. The key energy management projects operated at a lower capacity due to the slow recovery of the hospitality industry post COVID-19. We've recorded GBP 8.2 million of exceptional items during the year. This compares with GBP 181.6 million last year, which included the GBP 194.7 million net gain from the I&C asset disposal. Of the exceptional items, a net GBP 0.3 million is attributable to COVID-19, and GBP 5.9 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. Now turning to our cash flow. This slide shows that cash increased by GBP 78 million from GBP 40 million at December 2020 to GBP 118 million at December 2021. There was strong operational cash generation of GBP 62 million from our existing meter and data asset portfolios, and also a net cash inflow of GBP 170 million from the equity raise in October last year. From these cash flows, we invested a total of GBP 116 million in CapEx and paid a dividend of GBP 29 million. Finally, we acquired an I&C half-hourly meter portfolio and data services contracts for GBP 8 million. I will now hand over back to Tim to provide a summary of the business. Thank you, Gavin. As you have seen throughout 2021, SMS has demonstrated the strength of its business model, delivering profit ahead of upgraded expectations and growth in index-linked annualized recurring revenue. Our inflation-linked contracts on meter assets provide strong protection against the current inflationary environment. The RPI factor on our contracts is adjusted upwards on the first of April every year, and for 2022, the adjustment factor is 4.3%. The deployment of our existing pipeline of meters and grid-scale battery assets will enable us to more than double our EBITDA with significant additional growth opportunities within other core products and services. Our strong balance sheet following the recent equity raise and organically generated cash provides strong liquidity to deliver the existing pipeline and also positions the group for further growth. Our existing portfolio of assets supports an attractive dividend policy of a proposed 30.25 pence per share in 2022, with this expected to grow at 10% per annum until 2024. For SMS, ESG has always been and remains at the heart of our culture, our operations, and our ethos. We continue to make strong progress in all aspects of our journey. I hope the presentation provides you with a good overview of the progress we have made during the year and the exciting future projects for the group.
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