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.
