- Smart meter installer Smart Metering Systems said it had temporarily stopped all non-essential field work including the installation of smart meters in the wake of the Covid-19 pandemic.

The company said it would continue to provide full emergency field support and related activities.

It would also maintain its IT infrastructure, which supported an existing meter and data asset base.

Smart Metering Systems had earlier this month agreed to sell a minority of its meter assets for £291m, which would be used to cut debt.

The impact of the company's short-term financial performance could not be accurately quantified at present, it said.

However, it added that 'the combination of the group's robust balance sheet, high-quality, index-linked recurring revenue streams and a contracted order book of around 2m smart meters ensures that the longer-term impact on the group will be minimal.'

At 8:59am: [LON:SMS] Smart Metering Systems PLC share price was +11.25p at 582.25p

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