Vector, largest gas and electricity distributor in New Zealand, is looking to grow its metering side of the business offshore.
The company's full year net profit rose 2.2% to more than $206 million in the 12 months to the end of June, due in part to growth in its smart metering business.
Operating profit grew 0.5% to $630.5 million, while revenue increased by 2.2% to nearly $1.3 billion.
However, chief executive Simon Mackenzie said once price increases on its gas and electricity networks are stripped out, as well as taking account of increased charges from Transpower, revenue fell.
Mr Mackenzie said the unregulated side of the business, its technology and telecommunication arms, is where the real growth opportunities are, and it will continue to invest in this.
Customers are looking to more actively manage their energy costs and look for solutions to lower their energy costs or provide their own energy.
Mr Mackenzie said Vector is responding by developing things like solar and battery storage and also providing products such as smart meters to retailers so they can offer new solutions to their customers.
He said the regulated side of Vector's business is also very significant and can affect revenue.
Mr Mackenzie says Vector is also planning to take the smart metering business offshore.
The company is actively looking at opportunities in Australia as they move to put smart meters into some of their network areas.
Mr Mackenzie said it may involve a partnership with an Australian company, and Vector is open to different models to enter the market there.
The company will pay a final dividend of 7.75 cents, up slightly from last year.