Bglobal resolute in ‘challenging’ market

ENERGY solutions group Bglobal says it has remained profitable during a “challenging” and “transitional” period and is in a good position to benefit from market opportunities.

The Blackburn-based group which supplies energy-saving smart metering and other services to businesses, said in a trading update for the year to the end of March, that as well as remaining in profit, it was cash generative at an operational level, and also has a strong balance sheet with more than £3.5m of cash.

The AIM-listed business, which will publish its annual results in early July, said trading conditions during the year had neen challenging, with its Bglobal Metering unit seeing a “marked slowdown” of installations amid uncertainty in the market place.

As a result of cost cutting measures taken during the year, the unit delivered an operating profit.

The Utiligroup division remained profitable and cash generative throughout the year and generated considrable interest in its ‘Supplier in a Box’ products.

Chief executive Tim Jackson-Smith said: “The past six months have seen careful management of Group costs whilst we continue the hard work that is necessary to put Bglobal in a position to gain maximum benefit from the UK roll-out of smart meters.”