Bglobal plc (AIM:BGBL), the leading provider of smart energy solutions and services to the UK energy market announces an update on its trading performance for the year ended 31 March 2012 in advance of its preliminary results, which will be announced in early July 2012.
The Board is pleased to report that, despite challenging trading conditions during the twelve months to 31 March 2012, the Group has remained profitable and, at an operational level, cash generative. The Group has a strong balance sheet with in excess of £3.5 million of cash.
Bglobal Metering delivered an operating profit in the period and benefited from the cost saving measures taken earlier in the year. As expected, there was a marked slowdown in the volume of meter installations taking place in the industrial and commercial sector as a result of the uncertainty around the mass rollout of smart metering in the UK. However, Bglobal Metering has continued to see strong interest in its data services and in the last quarter of the financial year signed a contract with Npower to provide data collection and data aggregation services for a three year period.
Utiligroup remained profitable and cash generative throughout the year. There has been a lot of interest in Utiligroup's Supplier in a Box™ product range from a number of new entrants to the energy supply sector and since the beginning of this calendar year the business has brought two companies into the market, including Energetix. We are also in the final stages of negotiating the terms for the sale of another Supplier in a Box™ and will update the market on this transaction in the near future. As the energy supply market evolves and as both DECC and a number of consumer groups call for increased competition, the Board remains confident that Utiligroup will be able to take advantage of the opportunities that these developments bring.
In Australia, Utilisoft has consolidated its position with a number of its customers and has built up a significant recurring revenue stream that provides the business with a strong platform from which to further grow its customer base.
This last financial year has been a transitional period for the Group in which we have positioned ourselves so as to benefit from the opportunities that result from the evolution in our target markets. We remain confident that the Group is well positioned to play a major role in the future development and direction of the market and that the creation of a Smart from the Start™ solution will create significant value for shareholders.
The Board looks forward to updating shareholders on the Group's continued progress at the time of the preliminary results in early July.
Commenting on the performance, Group Chief Executive Tim Jackson-Smith said: "The past six months have seen careful management of Group costs whilst we continue the hard work that is necessary to put Bglobal in a position to gain maximum benefit from the UK roll-out of smart meters."
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