Bglobal racks up losses

SMART metering business Bglobal has posted a loss after seeing a decline in new meter installations.

In the six months to September 30 turnover fell 30% to £7.28m while the firm made a loss of £813,000 compared to a profit of £669,000 last year.

The Darwen firm said a slowdown in meter installations for the industrial market ahead of a residential rollout was responsible for the figures, along with investment in a pay-as-you-go service.

Revenue from meter installations fell from £4.6m to £1.9m. Its data collection arm also reported lower sales, down to £1.7m from £2.1m.

But the company was keen to highlight a 2.3% increase in revenue from ongoing activities to £4.8m, and a better gross margin, up to 61.9% from 53.6%.

Chief executive Tim Jackson-Smith said: “Trading conditions in the six months to September 30 have remained challenging and accordingly… the group has made an operating loss. However, the group has a strong balance sheet and the investments it has made mean it is now in a position to deploy its ‘meter to cash’ solution into the residential market.”

In September the firm acquired Draig Technology
, which specialises in billing software for electricity suppliers as well as customer relationship management programmes. Bglobal paid £675,000 through its Utilisoft subsidiary and is used the business to develop a pay-as-you-go service.

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