Bglobal plc (AIM: BGBL), the leading provider of smart metering solutions to the energy market, announces its preliminary results for the year ended 31 March 2010.
Highlights:
• Revenue increased by 99.3 per cent to £13.23 million (2009: £6.64 million)
• Services revenues increased 133 per cent to £2.26 million (2009: £0.97 million)
• More than 100,000 total smart meters now installed
• Over 40,000 meter installations billed in the financial year
• Administrative costs decreased to £4.95 million (2009: £5.63 million)
• Loss from operations £0.59 million (2009: £4.07 million)
• Loss from operations before taxation £0.67 million (2007: £4.28 million)
• Loss per share 0.49p (2009: 6.27p)
• Net funds of £2.14 million raised in an equity placing November 2009 and net funds of £6.36 million raised in an equity placing and open offer June 2010
• Acquisition of Utiligroup completed June 2010.
Tony Barnes, Group Chief Executive of Bglobal, commented: “Our business has grown substantially in this last year as several energy supplier customers moved their commercial and industrial smart metering activity from trial phase to business-as-usual. Our order book is largely committed for the year ahead and we are now working on building orders for FY2012 and beyond. The focus is now on the challenge of sensibly growing operational capability to meet demand and ensuring we can fulfil customer expectations. With an increasing portfolio of business sector meters under management, a continued rise in installations over the coming year and new opportunities brought by our recent acquisition of Utiligroup, we are confident that we can deliver further growth and that we will see ongoing improvement in the Group’s trading performance.”
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