Bglobal expects to break even after tough year

BGLOBAL, the Lancashire-based provider of smart energy solutions and services, says trading conditions over the last year have been “challenging year”, but it expects to break even after posting a half year loss .

The AIM company, which has been hit by delays in installation of energy saving smart meters, has sought to diversify by offering services to companies entering the consumer gas and electricity markets.

In addition it has strengthened its financial position by selling its Australian business for £2.3m. At the end of the financial year the group had £3.1m cash in the bank, after £600,000 of investment into two new businesses, one focused on SMEs and the other on smart meter installation training.

Darwen-based Bglobal said its Utiligroup subsidiary had continued to see strong interest in the software and services that it provides across the utility industry, with particular demand for its Supplier in a Box product.

In the year to the end of March the division has brought four new entrants into the UK energy market through the Supplier in a Box model and is in the final stages of concluding the sale of two more supply companies.

With regard to the continuing challenges in its metering business, Bglobal said the board “continues to carefully monitor the cost base of this business relative to the volume of installations it is carrying out and will take such action as is necessary to mitigate the impact of the reduced volumes of  meter installations.”