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Calisen narrows first-half losses; sees gradual return to 'normal' activity

By Frank Prenesti

Date: Tuesday 04 Aug 2020

(Sharecast News) - Smart meter company Calisen almost halved interim losses as installations resumed after the easing of lockdown measures in the UK.
The company on Tuesday reported pre-tax losses of £23.4m from £40.3m a year ago as revenue increased by 26.8% to £117.4m.

Capital expenditure slumped 56.5% to £63.6m, mainly due to the suspension of new smart meter installations as the government imposed a lockdown in late March.

"Growth in our meter pipeline, an increase in the proportion of our installed smart meters benefitting from early removal protection and the refinancing of approximately £1.1bn of existing senior debt facilities mean that the group is in a stronger position today than it was at the beginning of lockdown," said chief executive Bert Pijls.

"With meter installations having re-started, the transition back to normalised levels of activity is expected to be gradual and to take several months."

"We expect the volume of meter installations to increase through the third quarter and to average 80,000 to 100,000 meters per month in the fourth quarter, assuming there is no material second wave of Covid-19 or significant further local lockdowns."

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