Rutherford Cross is delighted to be working on a retained basis with Smart Metering Systems Plc to appoint a Divisional Management Accountant.

Story So Far

Established in 1995, SMS Plc is a leading independent provider of multi-utility infrastructure connections and meter asset management solutions. Their professional services are delivered to UK gas and electricity suppliers and directly to end customers in both the industrial and commercial (I&C) and domestic markets.

SMS Plc provides a fully integrated service from beginning to end, from project managing the installation and connection of the utility infrastructure through to the procurement, installation and management of the meter asset, data collection and on-going energy management solutions.

In July 2011, SMS began a new chapter as a public company when it listed on the London Stock Exchange AIM market. The purchase of Utility Partnership Ltd (UPL) in 2014 marked SMS’s first ever acquisition and in 2016 the company went on to make three further acquisitions. With the headquarters in Glasgow, the business now operates across 7 subsidiaries and from locations including Glasgow, Cardiff, Doncaster and Cambridge.

Coinciding with the 20th Anniversary in June 2015, SMS Plc completed a rebranding of the company to cement the integration and simplify the offer to their clients. Following the rebranding, the business now operates three segments under the single SMS Plc brand: Asset Management, Asset Installation and Energy Management. The subsidiaries span across these three segments.

In 2017, the business completed a placing of new shares (the first since the original IPO) to raise gross proceeds for £150m. The proceeds of the placing are be used alongside the extended debt facility to give SMS Plc the financial and operational flexibility to fully fund the installation of meters for further growth.

It’s an exciting time to be part of SMS Plc. The business has grown rapidly in recent years, both organically and via acquisition, and has an ambitious strategy which will continue to build market share. Financial performance has been excellent; for the year to 31st December 2017 revenues increased 18% to £79.6m and EBITDA increased 19% to £38.8m.

Over the last 6 years, the business has taken the share price from under £1 to over £6 and SMS Plc currently enjoys a hugely impressive market cap in the region of £700m.

The Future

A meter asset portfolio was created and built with all gas suppliers in the UK, followed by a new smart metering and data management offering serving the industrial and commercial (I&C) market in addition to preparing for the roll out of smart metering in the domestic market. The UK government’s objective is to have all domestic gas and electricity consumers installed with a smart metering solution by 2020. This represents a massive opportunity for SMS Plc who have already signed contracts with a number of second tier suppliers in relation to domestic smart meters.

The Individual

The role of Management Accountant requires a professionally qualified accountant who possesses excellent technical accounting skills, a background in project accounting and reporting, strong systems knowledge and the determination to play a key role in a fast-growing plc.   It is likely that the individual will have demonstrated a high level of achievement in their career to date, showing an eagerness to develop exposure to fundamental management accounting responsibilities.

It is critical that the Management Accountant can effectively support the Financial Controller whilst taking a pro-active approach to continuously improving accounting procedures.

A summary of the key candidate requirements are as follows:

• High calibre graduate with a good track record of academic achievement

• Fully qualified accountant with appropriate post-qualification experience

• Experience in project accounting and reporting

• Experience of implementing robust financial controls, processes and procedures

• Ability to develop high quality management information to support decision making

• Excellent analytical skills and financial modelling experience

• Excellent IT skills, particularly in relation to Excel and other Microsoft applications

• Confident communicator at every level, with strong inter-personal skills

• Self-motivated, organised and capable of progressing in the business over time

• Committed individual, displaying drive, ambition, and professionalism

• Flexible to travel to other subsidiary sites as required

Position Overview

The Management Accountant is a key member of the Finance team, supporting the Financial Controller. The successful candidate will deliver accurate and high-quality management information whilst taking a pro-active approach to continuously improving accounting procedures.

The main duties and responsibilities will involve:

• Assist the Financial Controller in the production of timely and reliable management information reports, including profit and loss accounts, balance sheet, cash flows, variance analysis and commentaries

• Monitoring of costs including liaison with budget holders

• Analysing financial performance and contributing to medium and long-term business planning and forecasts

• Interpreting and communicating financial data to non-financial managers

• Monitoring and evaluating financial information systems and processes and suggesting improvements where needed

• Assisting with the preparation of the year end accounts and provision of audit information

• Supporting the business in delivery of its strategic objectives, building strong relationships with operational managers and dealing with queries

• Undertake ad hoc financial analysis as required.

• Take a pro-active approach to the continuous improvement of financial processes and procedures

• Providing support and cover for finance team members when required

Remuneration

Salary: £ Highly Competitive

Pension: 3-5% matched company contribution

Holidays: 25 days plus 7 statutory days

Medical Care: Private medical cover (personal)

Professional Fees: Yes