ALAN Foy, the chief executive of Smart Metering Systems saw his pay packet increase by 18 per cent to £620,484, fuelled by a £263,500 bonus.

Mr Foy has been with the Glasgow-based group since 2004 and along with founder Stephen Timoney led the company through its £50 million flotation in 2011.

Since then Smart Metering has grown rapidly, becoming a key player in the roll-out of domestic smart meters, which allow residents to monitor their gas and electricity usage. The government has set a target for everyone household in the UK to have such a meter by 2020.

In its last accounts, Smart Metering reported a sales increase of 18% to £79.6m, as it increased by 62% the number of meters and associated data collection units it manages, to more than two million.

Revenue has almost trebled since 2013.

Mr Foy’s pay package was made up of a £340,000 salary, a £263,500 bonus, pension contributions of £1,433 and £15,551 in benefits in kind.

In 2016, Mr Foy was paid £526,631.

The group’s annual report also showed that Mr Foy holds more than seven million shares in the business, representing a 6.4% stake of the group, with a value of £54.4m based on yesterday’s closing price.

Its long-term finance chief Glen Murray, who had been in position since 2011, left the business in March 2017 to be replaced by David Harris. When Mr Harris stood down in August on health grounds, he was replaced by David Thompson.

The group’s annual report shows that Mr Murray received £28,010 and Mr Harris received £81,254 for their time in the role.

Mr Thompson, who joined the group on September 11, received a total of £141,578 including a salary of £69,821 and a bonus of £68,549. Mr Thompson does not hold any shares in the business, but holds 100,000 under option.