Foy steps down as CEO at Smart Metering Systems
Alan Foy is stepping down as chief executive of energy infrastructure company Smart Metering Systems and will be replaced by chief operating officer Tim Mortlock.
Mr Foy will step down on 1 March when Mr Mortlock will take over. He has been with the Glasgow-based group for more than 20 years and has been COO since September 2019.
Chairman Miriam Greenwood 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.
“Alan has very much driven SMS forward, particularly over the last decade and following the Group’s listing on AIM, a period which has seen consistent and sustained growth as well as diversification into new asset classes.
“The resilience of the business which Alan has played a key role in building has been particularly demonstrated over the last 2 years in a time of unprecedented volatility in our markets. The Board wish Alan well for the future.
“Tim has been an integral part of our senior management team and worked side by side with Alan for a number of years.
“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. Tim will continue to be supported by the existing executive leadership team and senior management.”
In a trading update the company said FY 2021 underlying pre-tax profit is expected to be marginally ahead of consensus, after being upgraded in September 2021.
The board said that while the failure of some energy suppliers has resulted in “movement in our customers’ metering portfolios” the net impact on the group’s pipeline has been negligible.
“We have also benefitted from a strengthening in our customer base as some portfolios have consolidated into larger SMS customers.”
Mr Foy said: “2021 was a year of substantial progress for SMS and we ended the year strongly, despite the broader turbulence in the UK energy market.
“We remain confident with previously guided expectations for the year. We have a strong balance sheet thanks to our recent equity raise and organically-generated cash, and a growing smart meter and grid-scale battery pipeline.”
It is expected to recommend a final dividend of 30.25p per share, up 10% on last year.