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  • BY: Andrew Hore |
  • POSTED: 02/02/2009 |

Bglobal has found an alternative source of finance to replace one of its primary funders, which stopped supplying finance at the end of 2008.

Bglobal’s most recent interim results were prepared on a going concern basis because of the withdrawal of the financing.

The smart metering and energy data services provider has already received the first payment that enables it to continue to roll out its smart meters. Bglobal had been installing 160 meters a day.

Bglobal has five framework contracts with energy and utility companies that cover around three-fifths of the business market. These utility companies include Npower.

Revenues increased from £2.15m to £2.7m in the six months to September 2008. The loss increased from £1.6m to £2.02m. Net cash was £1.7m.

Shares in Bglobal recovered 0.5p to 15.25p a share, which values the company at £11.3m. Last August, Bglobal raised £2.48m at 20p a share.

The roll out of smart meters has been disappointingly slow. When Bglobal floated in April 2007 it expected to be profitable by now. The number of smart meters installed has been much lower than forecast. 

The government says that it plans to mandate the use of smart meters for gas and electricity in every UK home by 2020. That equates to 47m meters and it is estimated that this could reduce carbon emissions by 3%.

However, it may take another two years to sort out the issues related to the roll-out, according to Lord Hunt of King‘s Heath.

Large-to-medium businesses should have smart meters installed by 2014.

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