Smart meter installer and services provider Bglobal was hit by a slow down in smart meter installation due to government dithering but its software and services operations made up for the loss of contribution from hardware.
Revenues slumped from £29m to £18.4m in the year to March 2012 but despite this decline an underlying loss of £3.81m turned into a profit of £620,000 as costs were reduced. Recurring revenues were 29% higher at £9.21m. This is generated from software and services.
Bglobal sets up shell electricity companies, which can be acquired by companies that want to enter the UK electricity market. Bglobal has sold three since the beginning of 2012 with one coming after the end of the financial year. Energetix is one of the companies that has acquired a shell company from Bglobal.
Bglobal was still cash generative last year, helped by reduced inventories, but it also had to pay £3.82m in deferred consideration. Net cash was £2.49m at the end of March 2012.
At the end of the past financial year, Bglobal signed a three year contract with npower to supply data collection and data aggregation services.
Last year’s figures should mark the bottom of the market as government policy and smart meter specifications are set out over the next year or so.
Bglobal has launched Bsmart Energy Solutions to provide a complete range of data, analysis, procurement and energy management services. This will start to contribute this year.
At 9.25p a share, Bglobal is valued at £9.83m.
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