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Bglobal

  • BY: Andrew Hore |
  • POSTED: 03/07/2009 |

Bglobal has secured finance for meter installations.

The shares jumped 3.875p to 12.75p each, which values Bglobal at 9.45m.

The smart metering supplier has been held back by lack of financing for installations. The previous finance provider withdrew in October 2008. Barclays has made up to 15m available to Bglobal and it is already starting to use the funds. The cash is used for 10 year lease finance.

Bglobal had been financing some installations using cash in its own balance sheet. This cash will be released and the company will be able to push on installing the 100,000 meters it said were wating to be installed in April 2009.

Charles Stanley expects Bglobal to report a loss of 4.3m on revenues of 6.4m in the year to March 2009. This year the house broker believes that Bglobal can break even on more than doubled revenues of 13.4m. A profit of 4.5m and a nil tax charge is forecast for the year to March 2011. Bglobal has consistently undershot forecasts in the past so no one is going to take the 2010-11 forecast seriously until there are signs that progress is in line with expectations.

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