Smart meter services provider Bglobal had already warned that it was going to make an interim loss but it says that it is in negotiation with two companies looking to take its Smart Meter Services Platform.
The Smart Meter Services Platform provides recurring software and services revenues on top of meter installation work.
In the six months to September 2012, revenues declined from £10.4m to £7.28m, while a profit of £669,000 to a loss of £813,000. The main decline in revenues was due to fewer meter installations. Recurring revenues improved slightly from £4.7m to £4.82m. Utiligroup sold one Supplier in a Box regulated energy company shell with two others delayed until the second half.
Bglobal still had £1.78m in the bank at the end of September 2012.
Meter installations should pick up in the second half. Bglobal is on the shortlist for a contract to install 100,000 smart meters in the Middle East. Bsmart, which provides energy services to smaller companies, has won a pilot project in Oman and has other interested clients.
Charles Stanley forecasts a small full year loss, although the second half performance should be better than in the second half of the previous year. It is difficult to forecast any further ahead because of the uncertainty of winning new contracts.
At 11.75p a share, Bglobal is valued at £12.5m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2012_38.pdf
© 2022 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.