Well, good morning, everybody. Welcome to our half-year results. Welcome to you all here, and welcome to everybody who's joining us online as well. So I'm Tim Mortlock, CEO of SMS, and I'm joined today by Gail Blain, CFO, and Dilip Kejriwal, as well, who's the head of investor relations. I'll begin the presentation today with a summary of the highlights of the performance of the business in the first half of the year, where we've delivered another strong performance. And then provide an overview of the group's operational developments. This will then be followed by Gail providing an update on the group's financials before I come back with a brief summary, and then we'll be happy to take any questions that you may have. So in the first six months of this year, we have achieved excellent financial and operational results, with the business demonstrating continued positive momentum. Now, as you all know, the last couple of years have been characterized by significantly higher inflation at both global and domestic level, and this is now reflected in our index-linked, annualized recurring revenues from both metering and data assets. As in keeping with all of our prior years, in April, we saw us applying our contracted indexation escalation to our metering and data assets, and now we expect to continue to see higher indexation to further increase the rental income when RPI is applied to it next year. So our index-linked recurring revenues provide a strong hedge against those short-term interest rates, while significantly supporting long-term cash flows, which benefit from future compounding at a higher rental income base as well. So it's a testament really to the resilient nature of our business model. So there's some key points from our, from a financial perspective. As I said, our long-term index-linked recurring revenues were up over 13% since the start of the year, to GBP 110 million at the end of June, and as at the end of August, now stand at GBP 111 million. In addition, the continued strong rollout of smart meters and the application of RPI, the rental income also benefited from higher average rental per meter, particularly as we focus more on single fuel, so electricity-only installs and industrial and commercial smart meter installations as well. Pre-exceptional EBITDA has increased substantially, up 24% to GBP 36.1 million, with underlying profit before tax up 9% to GBP 11.2 million. Our guidance for this year, our financial guidance for this year remains unchanged, and we continue to expect pre-exceptional EBITDA and PBT to be in line with market expectations. However, for next year, we now expect EBITDA to be marginally ahead of our previous expectations, with year-on-year growth of over 20%. We also expect PBT next year to be in line with our previous expectations, despite the impact of higher interest rates on financing costs, and Gail will provide further details on that later in the presentation. The long-term outlook of the business remains robust, and we expect EBITDA to more than double in around four years, compared to 2022. That's really just driven by the continued rollout of our pipelines of metering data and grid-scale battery assets. The group's liquidity position also remains strong, with the ability to fully fund the current meter and grid-scale battery pipelines from the asset-backed, internally generated cash flows and our debt facilities. Notwithstanding that strong position, the group may consider selective asset recycling to both maintain a prudent level of gearing over the medium term and to support future growth. That existing portfolio of assets supports an attractive proposed dividend of 33.275 pence per share in 2023, and we continue to expect that to grow 10% per annum through to the end of 2024, in line with our policy. And that dividend demonstrates the sustainable growth delivered by our strategy and is comfortably covered by the index-linked cash flows from our existing meter and data and grid-scale battery asset base. Beyond 2024, we expect to continue with a progressive dividend policy, and we'll provide further updates on that next March, during our full year 2023 results. So from an operational perspective, during the first half of the year, we achieved significant growth in our metering activity. Our engineers completed over 30% more meter-related jobs in the first half of this year, compared to the first half of 2022. Now, that is reflected in the double-digit ILR growth that I've already talked about, as well as higher transactional revenues from call-out services. We further increased our engineering capacity and expect to accelerate the installation run rate in the second half of the year, putting us on track to deliver at least 500,000 installations this year. So net of the meters installed during the first half, our contracted meter pipeline at the end of June stood at 1.95 million meters, and we continue to see further opportunities to grow that even further. Our grid-scale battery portfolio increased to 860 MW in the first half, of which 140 MW was operational. And an additional 100 MW has become operational in September, since the end of H1 as well, which we're very pleased with. The financial performance of the operational sites remains within our expected range as well. Of the remaining sites, 370 MW remains fully secured, of which a further 50 MW is expected to be operational by the end of this year, while the remaining 250 MW remains under exclusivity. We have also secured the option to increase the duration of at least 290 MW of our portfolio, so over one third of it, from 1 MW hour sites to 2 MW hour sites, which provides us with an additional revenue lever for the business and for those assets. We also continue to make progress building commercial models for our other carbon reduction, or as you know, what we call CaRe products and services. Now, these CaRe assets, critically, such as electric vehicle charging infrastructure, and behind-the-meter assets, are closely aligned to our existing engineering and energy skills and to our technology platforms, and they are also very substantial markets in their very, in their own right. So just to focus a little bit more closely on our metering and data assets, and looking at the long-term cash flows I was referring to for metering and data. So since the business listed in 2011, we have seen consistent growth in that key metric of ILAR, which has grown at a 29% compounded annual growth rate. That growth rate being after the disposal of a minority of our industrial and commercial meters, which we sold in 2020. We've maintained this strong momentum, as I said, during H1, with ILAR growing to GBP 110 million. And our existing contracted smart meter order pipeline is expected to further grow our ILAR by approximately 44%, excluding the impact of RPI, over time in the future. Also excluding the continued removal of traditional meters and the rental associated from over time as well. As I said, we continue to see additional growth opportunities in the metering space to grow our pipeline and our ILAR further. Now, as a reminder, the cash flows generated from meter assets are long-term, highly secured, with clearly strong protection against inflation, and provide, therefore, a hedge against short-term interest rate movements. Importantly, the compounding effect of current high inflation will significantly benefit the group's long-term cash flows. Just to point one thing out, actually, if you look at this chart here, on slide 6, what you can see is at half-year, GBP 110 million of ILAR with a pipeline that will deliver GBP 47 million. If you actually went back six months, to the March presentation, that same chart showed GBP 97 million and GBP 48 million of pipeline. So actually, what you can see is the impact of RPI coming through, not only in terms of the existing asset base, but also when you therefore look at the opportunity set going forward, that is compounding and effectively increasing the ILAR opportunity, as we go forward as well. And again, these assets have strong warranty protection, with us having the replacement rights wherever we remain, as what's called the industry meter operator or meter asset manager as well. Now, in a similar way, we have seen significant growth in our grid-scale battery storage assets, and we continue to make considerable progress in developing our portfolio. Our operational sites during the first half generated an annualized EBITDA of approximately GBP 57,000 per MW, in line with our guidance range. Since the end of June, as I said, an additional 100 MW has become operational, bringing our current live portfolio to 240 MW, and we expect this portfolio to continue to trade through H2 at similar levels to that seen during the first half of the year. Doing so will mean our already deployed portfolio will provide annualized EBITDA of just under GBP 14 million. Now, clearly, as we continue to deliver our existing pipeline, we will further grow this EBITDA contribution to the business to around GBP 50 million as we deploy the 860 MW pipeline. We've also set ourselves a target of delivering 1.5 GW of capacity by 2030, which will grow our annualized EBITDA from grid-scale batteries even more significantly. Now, our EBITDA guidance is based on prudent assumptions regarding the provision of balancing services only. But as was evident in 2022, there is significant room for upside from the provision of additional services, particularly frequency services. We have also secured the option to increase the duration of at least 290 MW of our existing pipeline from 1 MWh sites to 2 MWh sites. And finally, our batteries have strong throughput warranty provision from the manufacturers, with a core electrical infrastructure expected to have more than 40 years of life. I'd like to now just, briefly take you through some of the progress we've, also made in developing our CaRe products and services further, all supported by our in-house technology platforms. So in data services, earlier this year, we were pleased to be the largest independent aggregator of customers into the National Grid demand flexibility service, which we believe is an important precursor to the development of a much more flexible energy system built on data from smart meters. SMS is an established provider of half-hourly data services to businesses and energy suppliers in the industrial and commercial space, and we've extended this capability in recent years to ensure we can obtain data effectively from domestic smart meters. We are therefore well-positioned as the industry program to facilitate the mandatory market-wide introduction of half-hourly settlement to energy suppliers as smart meters progresses.... And I'm pleased to say that we've been accepted as early adopters for the program, with our METIS data services platform scheduled to participate in system testing in Q4 of this year. Now, this program, once implemented by 2026, will enable a much more flexible U.K.-wide energy system. In public EV infrastructure, we've recently installed our first public EV charging hubs in Elmbridge that are being operated by the Clenergy EV technology platform, a charge point operator platform that we have invested in, which now manages over 3,500 public charging stations across the country. We're working with landlords, businesses, local authorities, and fleet operators to build a pipeline of activity in the destination and rapid charging segments of the EV market, and we see early-stage projects like that, as being important to inform, the business and commercial case. In behind-the-meter assets, in August, we acquired the domestic services division of Evergreen Energy, bringing to the group significant further technical expertise and capacity in domestic heat pumps, solar PV, and battery storage. This small but strategic acquisition bolsters our overall capacity to deliver these carbon reduction assets on a wider national scale to a fast-growing domestic and commercial marketplace. We see that market on its own as one that could dwarf metering in its size and scale. We have also been actively developing Metis Energy, which advances SMS on its journey to provide behind-the-meter CaRe solutions for businesses, housing associations, and consumers, which are critical to the UK's transition to net zero. So the initial focus of Metis Energy, and the brand that we're developing around it, which we expect to go live in Q4, will be the delivery of domestic EV charging infrastructure, with the aim of extending this to solar storage and air source heat pumps, in the near term. We've been operating several pilots, as some of you may well know, and we've been actively engaging with the market, in particular, housing associations and end consumers, to develop the commercial asset models required to scale full operation. We've also partnered with Samsung to deliver a UK government-funded heat pump trial in Oxford, comprising 150 heat pumps, and that initial project is part of a wider requirement for 30,000 air source heat pumps across the council by 2040, and which can be further upscaled nationwide. Finally, in our more traditional energy services business, we saw continued growth in our traditional consultancy and energy management services compared to the prior period, with ongoing pressures on our industrial and commercial customers to reduce costs in response to the current inflation environment and retail energy prices. Again, to emphasize, each of these CaRe products are closely aligned to our existing engineering and energy skills and to our technology platforms, and we see substantial further growth opportunity in these large and growing markets. Now, capital allocation is clearly a key focus for the business as well. And importantly, our current pipeline of smart meters and grid-scale batteries, which includes the 1.95 million meter order pipeline and 620 MW of grid-scale battery pipeline, to be built, can be fully funded from our asset-backed, internally generated cash flows and debt facilities. It's also worth highlighting that the U.K. smart meter program will be nearing completion from 2026, which will therefore provide a boost to the EBITDA margins and reduce capital requirements for that part of the business, from that point forwards. Notwithstanding this strong position, the group may, as we did in 2020, also consider selective asset recycling to both maintain a prudent level of gearing over immediate term, medium term, and to support future growth beyond the existing pipelines. I think it's perhaps worth emphasizing that for the delivery of our existing pipelines, no further equity is required. So in this section, I'd like to provide a brief update on the group's operations. So this slide provides a breakdown that some of you may recognize, we provided before, of our index-linked annualized recurring revenues and data assets under management by category. With, as I said, ILR being GBP 110 million at the end of June, and growing to GBP 111 million by the end of August. So during the first half, we added around 220,000 domestic smart meters and increased our smart portfolio to over 2.3 million meters. And that domestic smart portfolio, as you can see, generating on its own GBP 71.5 million of ILR. Now, as I mentioned earlier, our smart meter pipeline will add nearly GBP 47 million to this ILR, excluding the impact and upside impact of RPI, i.e. a growth of more than 60%. We saw data assets ILR grow to GBP 16.9 million, while our industrial and commercial assets grew to GBP 6.2 million, as well. The traditional domestic meters and third-party ILR, which is largely made up of traditional meters, as anticipated, we expect this to come down over the next few years as traditional meters continue to be replaced with smart meters. Now, importantly for me, during the first half of the year, SMS's engineering capability delivered significantly higher volumes of activity compared to the prior period, fulfilling more transactional call-out services and meter installation visits. That meter installation activity, as you can see on the top left charts here, included a higher proportion of single fuel and industrial and commercial installations, which generate a higher rental income per meter than we have previously guided to. So the positive net outcome of all of that increased activity was therefore strong growth in ILAR, in line with our expectations, and higher transactional revenue.... The group has since further increased our engineering capacity, and we expect the meter installation run rate to accelerate during the second half of the year as a result, and we're on track to install at least 500,000 meters in the full year. We also have good visibility of meter hardware availability for the rest of 2023 and beyond, with a resilient and diverse supply chain in place and a meter inventory in our warehouses to support these continued run rates. Our market share in domestic meter installation, as you can see in the top right, also remains steady at around 14%, which we're also very pleased with. As I mentioned earlier, we currently have a meter order pipeline of circa 1.95 million meters, and we continue to see additional market opportunities in this space, particularly in what are called hard-to-reach residential properties, which account for around 4% of all UK households. And in that space, SMS has won a pilot project with the alternative home area network companies, sometimes called Alt HAN, which is aimed at removing the technical barriers for this category of meters, and which is a business that's been set up collectively by all UK energy suppliers. Significant industry progress has also been made and continue to be made in the enrollment and adoption of SMETS1 meters to the central Data Communications Company or DCC platform. So as of thirtieth of June, around 11.5 million SMETS1 meters have been migrated to the DCC platform, around 77% of all SMETS1 meters installed. And enrollment of the SMS portfolio is much ahead of that, at 82%, and is expected to continue through to the end of 2023. For us, our focus is still very much getting our head down, frankly, and getting meters delivered and installed on the wall. From a grid-scale battery perspective, as I said, we continue to make considerable progress, not only in our overall portfolio, but also in bringing those sites through that process to being fully secured and through construction into being delivered. So of that 860 MW, as you can see, 240 MW now operational, and of the remainder, 370 MW is fully secured, with 50 MW under construction and expected to be operational by the end of this year, with the balance ready to enter construction over the coming months and period. Today, we have 250 MW in exclusivity, and I would expect us to continue to bring those sites through that process. As I said earlier, we have also secured the option to increase the duration of at least 290 MW of our pipeline from 1 MWh to 2 MWh sites, and we expect to provide further guidance on the positive impact of this towards our end-of-year results next March. I would summarize that we're saying there's been strong progress across the board, and we're very, very pleased, not least to have brought the operational sites through in line with our expectations this month. Moreover, the critical and growing need for this asset class remains clear. Over the last decade, the world has significantly accelerated its focus on net zero goals, based largely on rapidly increasing clean energy investment and reducing fossil fuel use. The current global environment has further emphasized the importance of self-reliance in energy and also provided a snapshot into what the future energy system looks like, where there are greater challenges to balance supply and demand, reflected in increasing volatility in power price spreads. And this is where grid-scale battery storage fulfills a significant national infrastructure requirement, with these assets providing network resilience by balancing increasing renewable intermittent generation with increasing peak demand. And the continued growing importance of this asset class is reflected in National Grid recently increasing again their 2030 forecast requirement for battery storage to 15.2 GW by 2030 and 26.6 GW by 2050. To put that into context, the same National Grid report showed there being 2.8 GW of battery storage live at the time of that being developed. The performance of our operational sites in H1 has been within our expected financial range, generating an annualized EBITDA of around GBP 57,000 per MW. And as anticipated, that reflected a larger volume of available battery storage capacity, saturating the frequency market, which was the primary grid service for the group's portfolio in 2022. Our EBITDA guidance, as I've said a number of times before, is based on prudence assumptions regarding the provision of balancing services only. But as has been evident in 2022, there will be significant room for upside opportunity from the provision of additional frequency services and ancillary services in the future. The need for batteries is not going away. I'll now hand over to Gail to provide you an update on the group's financials before I come back with a brief summary. Thank you, Tim. The group continues to deliver a strong financial performance during H1 2023, a testament to the resilient nature of our business model, underpinned by the index-linked recurring revenues. During the first half, as Tim mentioned, the ILR benefited from the application of RPI and higher meter rental from our single fuel and industrial commercial smart meters. The business has again continued to grow all of its key financials of ILR, revenue, pre-exceptional EBITDA, and underlying PBT. Pre-exceptional EBITDA and underlying PBT are up 24% and 9% respectively... The net debt position was GBP 96.3 million at the end of June, which, coupled with our undrawn facility of GBP 280 million, provides strong liquidity to continue to support the rollout of our pipelines. For full year 2023, we continue to expect pre-exceptional EBITDA and underlying PBT to be in line with our expectations. For full year 2024, we now expect pre-exceptional EBITDA to be marginally ahead of our previous expectations, with at least 20% growth year-on-year. We expect underlying PBT to be in line with our expectations, despite the impact of the higher interest rates on financing costs. Our average interest cost for full year 2024 assumes a SONIA rate of 5.7%, therefore, already encompassing near peak rates in our guidance. We remain confident in the medium-term outlook of the business and expect EBITDA to more than double within four years. Now, looking to the P&L. The 26% year-on-year increase in revenues to GBP 79.3 million is predominantly driven by new meter assets that were installed during 2022 and into the first half of this year, the annual RPI uplift, and the operational grid-scale battery sites. Looking through a divisional lens, asset management revenues were up 20% to GBP 53.6 million, reflecting new meter installations and the upward RPI adjustment in April 2023. The depreciation-adjusted gross margin of the asset management division is at 93%, which is in line with H1 last year. Asset installation revenues improved 43% to GBP 17.6 million as a result of the increased volume in our transactional meter works, including emergency rollout, call out, sorry. This resulted in a significant uplift to our gross margin to 25% during H1 2023. H1 2022 saw costs associated with increasing the engineering workforce, which depressed the margin. Energy management revenues were also included to the grid-scale battery sites, grew 45% to GBP 8.1 million. Included in this revenue is GBP 4 million from our operational grid-scale battery sites. The balance of GBP 4.1 million is from our established energy management division, which was up 46% as the key customer projects in the hospitality sector sustained momentum. The depreciation, thus adjusted gross margin in this segment, is slightly decreased to 46%, which is impacted by timing, as two further grid-scale battery sites ramped up activity following the construction at the end of 2022. Overall, the depreciation-adjusted gross margin at a group level remained consistent with prior year at 73%. Now, there's cash flow. During the first half of the year, SMS generated GBP 30.3 million cash from operating activities. From these cash flows, we invested GBP 70.5 million, predominantly in meter and data and grid-scale batteries. CapEx for GBP 50.1 million in meter and data assets, GBP 18.1 million for grid-scale batteries, and GBP 2.3 million in other PPE and capital development. The group drew down GBP 75 million under its loan facility in the period, taking total drawdowns to GBP 140 million. Our cash position, excluding restricted cash, at the end of June, was GBP 45.3 million. This, coupled with our GBP 280 million facility, provides us with a strong liquidity position. In terms of our leverage, net debt stood at GBP 96.3 million, implying an annualized net debt to EBITDA of circa 1.3x at the end of June. However, this includes circa GBP 6 million of cumulative capital expenditure on the construction for grid-scale assets that are not generating EBITDA at the end of June. Adjusting for this, the group's leverage ratio is circa 0.5x. Notwithstanding this strong position, the group may consider selective asset recycling to both maintain a prudent level of gearing in the medium term and to support future growth. I will now hand you back over to Tim for a summary of the business. Thank you. Thank Thank you, Gail. So in summary, I think what is clear is that we have a very strong and resilient model that can deal with short-term interest rates and the impact of those on our cash flows. Given the offsetting inflation benefit from our index-linked recurring revenues, but those revenues then compound out into the future and provide significantly longer-term beneficial cash flows to the business. Delivery of our existing pipelines as well is expected to significantly grow EBITDA over the coming years. As Gail said, we're expected to grow our EBITDA by more than double over the next four years, and really, that's driven solely by the delivery against our existing pipelines from where we sit right now. We also have a very strong liquidity position, as Gail said, to support the delivery of that future growth. And, with importantly for me, all of those existing pipelines and meters and grid-scale batteries able to be fully funded from our internally generated cash flows and debt facilities. Our existing portfolio of assets also continues to support an attractive dividend policy, with dividends expected to grow at 10% per annum, through to the end of 2024. And finally, the outlook for the business remains very robust. For 2024, we now expect pre-exceptional EBITDA to be marginally ahead of our previous expectations, with year-on-year growth of over 20%, and underlying PBT to be in line with our previous expectations, despite the impact of higher interest rates on financing costs. So the long-term outlook of the business remains solid, and we expect EBITDA to more than double in circa four years compared to 2022. So I hope that presentation provides you with a good overview of the progress that we've made during the first half of 2023 and the exciting opportunities that are ahead of us.
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