Bglobal expects to break even with annual results

Smart energy solutions provider Bglobal expects annual results to break even following challenging trading conditions and the disposal of its Australian subsidiary Utilisoft.

Smart energy solutions provider Bglobal expects annual results to break even following challenging trading conditions and the disposal of its Australian subsidiary Utilisoft.

The company disposed of Utilisoft to Hansen Corporation for AU$3.5m in February which resulted in a £0.38m write-off of intangible assets to the income statement for the year to March 31st 2013.

The disposal, however, strengthened the cash balance to £3.10m and allowed the group to focus on its more profitable UK operating businesses.

The Utiligroup division, which supplies software and services to the utility industry, experienced strong demand from its Supplier in a Box product - a starter kit for businesses entering the energy supply market.

During the year, Utiligroup brought four new entrants into the UK energy market through the Supplier in a Box model and is in the final stages of concluding the sale of two more pre-accredited supply companies, which were expected to be completed before the end of March.

Bglobal also made a revenue investment of £0.6m in establishing Bsmart Energy Solutions, which delivers end to end energy services to the SME market, and Nutech Training which provides dual fuel smart meter installation training.

The firm developed its Smart Pay As You Go (PAYG) integrated software solution for new entrants and existing supply companies. The technology has progressed and trials of the solution are due to start this summer.

"Trading conditions in the year to March 31st 2013 have remained challenging and it is anticipated that the group will break even at a normalised EBITDA [earnings before interest, tax, depreciation and amortisation] level for the year," the company said.

Shares fell 4.76% to 7.50p at 09:46 Monday.

RD

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