Smart Process and Control limited is a growing business who has been trading for 5 years, that import and brand a range of electricity power meters used for sub metering of electricity consumption. Our products are used for legislation purposes (L2 Building regulations), energy management and commercial landlord billing.
All our products are MID certified which is a European Directive that replaced Ofgem in 2016, this allows our meters to be used in applications where electricity consumption is invoiced (Billing applications) It is a legal requirement in these instances. We was one of the first to specialise in MID and offering a product that would fit all applications as well as being future proof. As all our products have the technology to be able to hook up to a building management system or Gateway, This allows you with an additional bit of hardware to remote monitor the devices. This is very useful to Energy Managers who have to monitor the consumption of their estate or building.
The process for MID certification requires a notified body to test our products conform to the directive; this is broken down in accuracy testing and safety. It also requires the notified body to visit and audit the factory each year to insure the production process meets the requirements. Each product we have designed has gone through this process.
We have a solid long term relationship with the factory and have become exclusive partner for the UK as well as supplying into some European territories. As we have made the investment in the MID certification process and partially designing the products, we get fed back any leads that are sent to the factory. We have successfully converted 90% of these leads into business.
Over the last 4 years we started to get recognition from our competitors and they have approached the factory in China. We were fed back this information and it allowed me to approach them and discuss a working relationship. From this we now OEM for several corporate companies who distribute our products globally.
Our business has been fortunate enough to grow each year substantially, but as our business has grown so has our cash flow demand. This stems from the fact we have to pay upfront for our products and offer payment terms to our clients. Where we can, we do get pro-forma payments when possible but itu2019s very difficult to do so in this particular industry. We have been able to date to get Invoice factoring and also credit insurance to protect us from risk.
We have grown this business from start up to this year projecting u00a31. 500, 000. Last financial year we finished on just over u00a31,000,000. We achieved this without any real marketing or pro-active sales. As we have a complete product range and also have developments in the pipeline to insure we stay inline or ahead of our competition, we know that we can further grow this business with improving our infrastructure and becoming self-sufficient by removing the cost of invoice factoring. Once we feel we have reached our ambition in the UK market we also wish to expand by opening a European office.
We are not only seeking capital but also someone who can help mentor us and further develop the business opportunity and enable us in three years to grow from u00a31.5M to u00a35M. Please see our website for more info on our products and our company www.smartprocess.co.uk