Bglobal posts £2.1m full-year loss
BGLOBAL, the Lancashire smart metering software firm that is in the middle of a shareholder revolt, recorded a £2.1m pre-tax loss last year.
Figures for the year to the end of March show revenues fell from £16m to £11.5m. The £2.1m loss compared to a profit of £670,862 last time.
Some shareholders, who are unhappy with the direction of the company, have been calling for it to be sold and are now pushing for executive chairman Peter Kennedy to step down.
Chief executive Tim Jackson-Smith and two non-executives, James Newman and Steven Fawkes, have backed a move by shareholder Forest Nominees to oust Mr Kennedy at a general meeting next month.
Mr Kennedy is resisting the move because he believes it is on the cusp of some major long-term contracts with local authorities and housing associations.
The Darwen-based firm has recently switched from installing smart meters to selling software and other services to the industry.
Reflecting on the results Mr Jackson-Smith said: “The year ended 31 March 2013 has continued to provide challenging trading conditions for the group and regretfully these conditions have led to the group not being profitable or cash generative.
“However, the group is trading in line with management’s expectations for the first three months of the current financial year and our continued focus on the delivery of software and services to participants in the UK energy market has been vindicated following the recent announcement of a delay to the rollout of smart meters in the UK.”
