A thread for general discussion of the company and developments that affect it. See the BGlobal Wiki for further information on the business but, in summary:
- BGlobal is a smart meter and energy data provider. It installs smart and intelligent metering infrastructure, collect the data from it and provide the analysis with a range of tools that allows businesses to act on reducing costs, cut carbon emissions and get proper control over when, where and how they use electricity and gas.
- It had a tough year after one of its bank pulled its financing lines. As at 2nd July the cash position was GBP1.17million, which sounds a bit hairy, but it has now secured a facility of up to GBP15 million of meter asset funding from Barclays Asset & Sales Finance, so things are looking up.
- In April, the government mandated the use of smart meters in the medium-sized industrial and commercial markets and this, coupled with the government's carbon reduction commitment, should bode well for the business.
- Pipeline of 120,000 meter orders queued for delivery, versus 22,856 new meters in the year to March 31, a 47% increase on the previous year, but short of its forecast.. The group has contracts with three major energy providers to put meters into homes.
- Revenue increased from £4.5m to £6.6m in the year to March 2009, but pre-tax losses widened from £3.4m to £4.3m.
Latest results are here: http://www.stockopedia.co.uk/news/announcement/BGBL/090714bgbl000343.htm. Anthony Barnes, Group Chief Executive of Bglobal, commented:
"The Group's sales turnover and meter installation numbers increased significantly during the year which is very pleasing. We have maintained our number one position in the market place, despite operating in tough economic conditions which caused the loss of a major funder of meter assets. With new meter asset funding now in place, confirmation of aggressive rollout plans by major utilty customers, clear signals from the Government on the importance of smart metering to climate change reduction in the UK and a strong forward order position, we are confident
in the outlook for the year ahead."