Energy management solutions provider Bglobal Plc, on Tuesday reported a narrower loss for the first six months of fiscal 2010, driven primarily by a 116% growth in revenues.

The company also announced the promotion of Nick Kennedy to Chief Financial Officer, effective immediately. Kennedy was serving as the Finance Director at Bglobal Metering Ltd.  For the six-month period, total comprehensive loss was GBP 556.78 thousand or 0.75 pence per share, compared with a loss of GBP 2.02 million, or 3.18 per share, last year. Loss before taxation narrowed to GBP 666.79 thousand from GBP 2.02 million.

Revenues for the first half of the year reached GBP 5.82 million, up 116% from GBP 2.69 million in fiscal 2009, as contracts won by the group were converted into meter installations.

Operating loss narrowed to GBP 619.78 thousand from GBP 1.90 million in the year-ago period. Administration expenses declined year-over-year to GBP 2.57 million from GBP 2.61 million.

Gross margins improved to 33.5% from 26.3%, attributable to higher operational efficiency and the increase in meter installation rate. Gross profit for the quarter advanced to GBP 1.95 million from GBP 708.52 thousand.

Bglobal noted that during the first quarter of the year, smart meter installations was a little slower than expected chiefly because of the lack of resolution on meter asset finance for some of its smart meter service customers. After the problem got resolved on incorporation of new facilities, installation activity increased significantly.

The number of meter installations performed by the firm almost doubled year on year. Orders for smart meters from major customers surged 94% in the second quarter, when compared to the preceding quarter.
 
Service revenues went up to GBP 0.78 million from GBP 0.40 million, as the group’s accredited data collector and data aggregation improved from the prior-year period.

Looking forward, Tony Barnes, Chief Executive of Bglobal said, “With strong customer demand for our services, a steadily increasing order book and continuing efficiency gains being realised driving higher gross margins, we are confident that the Group is in a strong position to capitalise on the opportunity ahead.”

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