Thursday, 12 May 2011

Slowdown in meter installation hits Bglobal

Smart meters firm Bglobal said it performed slightly ahead of expectations in the year to March 31 but warned of a slowdown for installations, which sent its shares lower.

Shares in the Darwen-based firm fell more than six per cent, or 1.38p to 21.12p after the update.
Bglobal, led by chief executive Tim Jackson-Smith, said it was profitable and had cash balances of about £7m at the year-end, which is sufficient for its funding requirements. The firm said it generated strong growth in revenues from additional services such as data collection.

It installed more than 66,000 meters but the figure was lower than expected.

Bglobal said that, following a government announcement at the end of March that the mass roll-out of smart meters to the residential and small and medium-sized business markets will start later than expected in 2014, some customers have deferred their roll-out strategies.

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