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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bglobal | LSE:BGBL | London | Ordinary Share | GB00B1VLV059 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.25 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jan 2020 to Jan 2025
TIDMBGBL
RNS Number : 9205L
Bglobal PLC
10 July 2014
BGLOBAL PLC
("Bglobal" or the "Company" or the "Group")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2014
Bglobal plc (AIM: BGBL) announces its preliminary results for the year ended 31 March 2014.
Commenting on the results John Grant, Chairman said: "The current Board's focus has always been on enhancing shareholder value and the disposal of B Global Metering and of Utiligroup are the culmination of the hard work that has been carried out since I was appointed by shareholders in August last year.
It has clearly not been a quiet year for the Group and I would like to thank all the staff, who united to work with an excellent team of advisors, to deliver our year end results and these two significant transactions. I personally am extremely grateful for the support of shareholders and my colleagues on the Board during this period of change and uncertainty."
Highlights:
-- Utiligroup sold on 20 June 2014 for a cash consideration of GBP16.1 million. -- B Global Metering sold on 17 April 2014 for a cash consideration of GBP2.3 million.
-- Revenues from discontinued operations increased to GBP12.83 million (2013: GBP11.58 million, excluding Utilisoft Pty).
-- Utiligroup performed well in the year with turnover increasing by over 50% to GBP6.70 million (2013: GBP4.41 million, excluding Utilisoft Pty)
-- Gross margin from discontinued operations up to 62.1% (2013: 56.4% excluding Utilisoft Pty).
-- Three new entrants brought into the UK energy market via "Supplier in a Box(TM)" in the year.
-- Operating loss from continuing operations of GBP1.16 million(1) (2013: GBP0.57 million loss).
-- Loss before tax from continuing operations of GBP1.02 million (2013: GBP0.63 million loss). -- Cash balances GBP1.77 million at year-end and borrowings of GBP0.94 million.
Note 1 - After charging GBP0.20 million impairment against the Pure World Technology loan note.
Tim Jackson-Smith, Group Chief Executive Officer added: "Since the end of the financial year, B Global Metering has been sold to Energy Assets Group plc for a cash consideration of GBP2.3 million and Utiligroup has been sold to a new company backed by NorthEdge Capital LLP for a cash consideration of GBP16.1 million. The Board intends to return cash to shareholders as soon as possible and a circular will be sent to shareholders today setting out proposals and timing in this regard. I would like to thank the Board and staff for their support during a very challenging period for the Group. I am confident that both B Global Metering and Utiligroup will flourish under their new owners and that the people in those businesses will thrive and continue to make the most of the opportunities that present themselves."
- ends -
For further information, please visit www.bglobalplc.com or contact:
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John Grant Executive Mark Taylor Dwight Burden
Chairman
Tim Jackson-Smith CEO
Charles Stanley
Securities
Bglobal plc Nominated Adviser RedLeaf
Tel: 01254 914361 Tel: 020 7739 8200 Tel: 0207 382 4735
CHAIRMAN'S STATEMENT
When I was appointed by the shareholders in August last summer it was clear to me that there was significant value in Bglobal that was not being reflected by its share price. With the support of the current Board and the commitment of all of the management teams throughout the group, as I write this today, I am pleased that the value we have realised from the sale of B Global Metering and of Utiligroup reflects more closely the impact of the substantial work that has been done over the past year.
I set out in my statement on 10 December 2013, as part of the interim results, the steps which had been undertaken to that point. Significant costs had been removed from Bglobal's head office, the business was re-focused on its customers and strict cash management procedures had been put in place. By the year end in March, the benefits of some of those changes were starting to be seen in the underlying performance of elements of the business. Staff channelled their energies into projects which had a short-to-medium prospect of financial return, such as sales of Utiligroup's software, and longer term projects were progressed at an appropriate pace to ensure that potential new business could be presented as an opportunity to the potential buyers of our businesses.
The current Board's focus has always been on enhancing shareholder value and, as recent announcements have demonstrated, our work on the Group's business divisions was part of a wider strategy to realise that value. Without the work we undertook as part of the strategic review and the costs that we removed from the Group, it would not have been possible to complete the sales at all, let alone at attractive valuations.
We received a number of approaches for different combinations of business units from bidders, who had different strategic goals. Throughout, the Board's approach was to analyse those bids with a view to ascertaining their successful delivery, not just in terms of execution risk, but also in terms of the ultimate return of cash to shareholders. KPMG assisted the Board in conducting a very thorough marketing exercise for each of the Group's key business units. The Board maintained all of the business divisions for minimal additional cost during this period. However, it soon became clear that closing Nutech and Bsmart was the most effective way of delivering shareholder value and this was done swiftly with minimal disruption to the other ongoing businesses. The Board's decisions have been vindicated by the completion of the prompt sales of both B Global Metering and Utiligroup on sensible terms and at acceptable values.
It has clearly not been a quiet year for the Group and I would like to thank all the staff, who united to work with an excellent team of advisors, to deliver our year end results and these two significant transactions. I personally am extremely grateful for the support of shareholders and my colleagues on the Board during this period of change and uncertainty.
Our focus now is to return money back to shareholders as quickly and in the most tax efficient and cost effective manner as possible, details of which are contained in a Circular being sent to shareholders today.
John Grant
Chairman
CHIEF EXECUTIVE'S STATEMENT
The year ended 31 March 2014 saw the start of a number of significant changes for the Group with the focus being on enhancing shareholder value. A strategic review was carried out in the autumn of 2013 and as a consequence of that review, the Group has since the year-end disposed of its two main subsidiaries, B Global Metering and Utiligroup. The remaining businesses, Nutech Training and Bsmart Energy Services were closed down during the period. Accordingly, apart from Bglobal plc, all of the other businesses within the Group have been classified as discontinued for the purposes of these accounts.
Revenue for the year ended 31 March 2014 from discontinued operations was GBP12.83 million (2013: GBP11.58 million - excluding Utilisoft Pty). The EBITDA loss for discontinued operations was GBP0.78 million before the GBP1.02m impairment charge (2013: GBP0.18 million before separately identifiable items). At the year end the Group had cash balances of GBP1.77 million (including assets held for sale) (2013: GBP3.02 million) and borrowings of GBP0.94 million (including assets held for sale) (2013: GBP0.97 million). Following the two disposals referred to above and after having repaid the loan and borrowing facilities that the Group had with Synergy Capital and Barclays Bank plc, the Group currently has cash balances (net of GBP1.98 million of costs and expenses incurred in carrying out the strategic review, in the sale of Bglobal Metering and Utiligroup, in closing down Nutech and Bsmart, and in dealing with certain shareholder and restructuring costs) of, in aggregate, GBP16.4 million.
Group Performance
Software and related services
Utiligroup performed well in the year with turnover increasing by over 50% to GBP6.70 million (2013: GBP4.41 million excluding Utilisoft Pty) and EBITDA increasing by 79% to GBP1.38 million (2013: GBP0.77 million before separately identifiable items). The business continued to build up a strong recurring revenue stream, which now stands at GBP5.44 million per annum. The 'Supplier in a Box(TM)' proposition continued to prove popular and in the year ended 31 March 2014, Utiligroup brought three new entrants into the UK energy market through this model. Each of these transactions includes an up-front fee and the sale of software and services thereby adding to Utiligroup's recurring revenue stream.
Metering and data services
B Global Metering failed to meet the Board's expectations and saw its revenue fall by 22% to GBP5.76 million (2013: GBP7.42 million) with the EBITDA loss increasing by 49% to GBP1.41 million in the period. The Board did remove significant cost from the business and sales did start to improve in the last quarter of the financial year as a number of energy suppliers sought to comply with the mandate to install smart meters into the premises of their larger industrial and commercial customers, so that by the year end, the company was trading almost at breakeven on a monthly basis.
Energy management services
Bsmart showed promise at the start of the financial year but this proved a false dawn and the decision was therefore taken to close this business down. In the year ended 31 March 2014, Bsmart's revenue increased to GBP0.47 million (2013: GBP0.07 million). However, its loss before tax was largely unaltered at GBP0.31 million (2013: GBP0.30 million).
Training Services
The delay in the mass rollout of smart meters severely impacted Nutech Training and revenue increased only slightly to GBP0.12 million (2013: GBP0.09 million) with the loss before tax increasing to GBP0.46 million (2013: GBP0.31 million). It was clear to the Board that this business was no longer sustainable and accordingly the decision was taken to close it down with effect from 31 March 2014.
Outlook
Since the end of the financial year, B Global Metering has been sold to Energy Assets Group plc for a cash consideration of GBP2.3 million and Utiligroup has been sold to a new company backed by NorthEdge Capital LLP for a cash consideration of GBP16.1 million. The Board intends to return cash to shareholders as soon as possible and will be writing to shareholders today with proposals and timing in this regard.
Finally, I would like to thank the Board and staff for their support during a very challenging period for the Group. I am confident that both B Global Metering and Utiligroup will flourish under their new owners and that the people in those businesses will thrive and continue to make the most of the opportunities that present themselves.
Tim Jackson-Smith
Chief Executive Officer
Bglobal plc
Consolidated statement of comprehensive income for the period ended 31 March 2014
Total Total
2014 2013
Note GBP GBP
Share based
compensation (34,951) (18,984)
Administrative
expenses (460,737) (555,517)
Separately
identifiable
items 3 (462,204) -
Total
administrative
expenses (957,892) (574,501)
------------------------------------------------------------------------ -----------------------------------------------------------------------
OPERATING LOSS (957,892) (574,501)
Finance costs (74,907) (76,000)
Finance income 10,182 17,378
------------------------------------------------------------------------ ------------------------------------------------------------------------
LOSS BEFORE
TAXATION (1,022,617) (633,123)
Taxation - -
------------------------------------------------------------------------- -----------------------------------------------------------------------
LOSS FOR THE
YEAR FROM
CONTINUING
OPERATIONS (1,022,617) (633,123)
LOSS FOR THE YEAR
FROM
DISCONTINUED
OPERATIONS 4 (3,144,703) (2,674,638)
------------------------------------------------------------------------- -----------------------------------------------------------------------------
LOSS FOR THE YEAR
ATTRIBUTABLE TO
EQUITY
HOLDERS OF THE
PARENT (4,167,320) (3,307,761)
Reclassification
to profit and
loss
on disposal of
foreign
operation - 371
----------------------------------------------------------------------- -----------------------------------------------------------------------
Other
comprehensive
income - 371
----------------------------------------------------------------------- -------------------------------------------------------------------------
TOTAL
COMPREHENSIVE
LOSS FOR THE
YEAR (4,167,320) (3,307,390)
========================================= ==========================================
Basic and diluted
loss per share
(pence)
From continuing
operations 5 (0.96) (0.60)
From discontinued
operations 5 (2.96) (2.52)
----------------------------------------------------------------------- -------------------------------------------------------------------------
Total (3.92) (3.12)
========================================= ==========================================
Bglobal plc
Consolidated statement of Financial Position at 31 March 2014
2014 2013
ASSETS GBP GBP
Non-current assets
Intangible assets - 6,539,276
Property, plant and equipment 7,570 655,085
Financial asset - 200,000
------------------------------------------ ------------------------------------------
7,570 7,394,361
------------------------------------------ ------------------------------------------
Current assets
Inventories - 1,081,532
Energy supply companies held
for sale - 111,649
Trade and other receivables 154,430 3,227,646
Cash and cash equivalents 35,750 3,021,495
------------------------------------------ ------------------------------------------
190,180 7,442,322
Assets classified as held for
sale 10,577,144 -
------------------------------------------ ------------------------------------------
Total assets 10,774,894 14,836,683
========================================== ==========================================
EQUITY AND LIABILITIES
Equity attributable to equity
holders of
the parent company
Share capital 1,063,078 1,063,078
Share premium 20,708,897 20,708,897
Share based compensation
reserve 116,038 195,148
Merger reserve 792,128 792,128
Retained losses (17,138,809) (13,090,708)
------------------------------------------ ------------------------------------------
Total equity 5,541,332 9,668,543
------------------------------------------ -----------------------------------------
Non-current liabilities
Deferred tax liability - 745,536
------------------------------------------ --------------------------------
- 745,536
------------------------------------------ -----------------------------------------
Current liabilities
Trade and other payables 294,276 3,448,687
Other financial liabilities 650,000 973,917
------------------------------------------ --------------------------------------
944,276 4,422,604
Liabilities classified as held
for sale 4,289,286 -
------------------------------------------ ------------------------------------------
Total liabilities 5,233,562 5,168,140
------------------------------------------ ------------------------------------------
Total liabilities and equity 10,774,894 14,836,683
========================================== ==========================================
Bglobal plc
Consolidated statement of cash flows for the period to 31 March 2014
2014 2013
GBP GBP
CASH FLOW FROM OPERATING
ACTIVITIES
Loss before taxation from
continuing
operations (1,022,617) (633,126)
Impairment of financial asset 200,000 -
Share based compensation 34,951 (22,894)
Finance costs 74,907 76,000
Finance income (10,182) (17,378)
(Increase)/decrease in trade
and other
receivables (107,744) 29,739
(Decrease)/increase in trade
and other
payables (241,278) 17,856
Cashflows from operating
activities from
discontinued operations 714,281 1,130,882
------------------------------------ ------------------------------------------
NET CASH (USED IN)/ GENERATED
FROM OPERATIONS (357,682) 581,079
INVESTING ACTIVITIES
Finance income 10,182 17,378
Cashflows from investing
activities from
discontinued operations (778,735) (966,990)
------------------------------------ ------------------------------------------
NET CASH USED IN INVESTING
ACTIVITIES (768,553) (949,612)
------------------------------------ ------------------------------------------
FINANCING ACTIVITIES
Repayment of convertible loan (300,000) -
Finance costs (74,907) (76,000)
Cashflows from financing
activities from
discontinued operations 249,521 (73,571)
------------------------------------ ------------------------------------------
NET CASH USED IN FINANCING
ACTIVITIES (125,386) (149,571)
----------------------------------- ------------------------------------------
Net decrease in cash and cash
equivalents (1,251,621) (518,104)
Cash and cash equivalents at
the beginning
of the financial year 3,021,495 3,539,599
------------------------------------ ------------------------------------------
Cash and cash equivalents at
the end
of the financial year 1,769,874 3,021,495
========================================== ==========================================
Cash and cash equivalents at
the end
of the financial year,
continuing operations 35,750 1,494,895
Cash and cash equivalents at
the end
of the financial year,
discontinued operations 1,734,124 1,526,600
------------------------------------ ------------------------------------------
Cash and cash equivalents at
the end
of the financial year 1,769,874 3,021,495
========================================== ==========================================
Bglobal plc
Consolidated statement of changes in equity for the period ended 31 March 2014
Share Premium Share Based
Share Account Payment Merger Translation Retained
Capital Reserve Reserve Reserve Losses Total
GBP GBP GBP GBP GBP GBP GBP
At 31 March
2012 1,063,078 20,708,897 351,450 792,128 (371) (9,919,894) 12,995,288
Share based
compensation - - (18,984) - - - (18,984)
Lapsed options - - (137,318) - - 137,318 -
--------------- --------------- --------------- --------------- ---------------- ----------------- -----------------------
Total
transactions
with owners
in their
capacity
as owners - - (156,302) - - 137,318 (18,984)
Loss for the
year - - - - - (3,307,761) (3,307,761)
Reclassification
to profit
and loss on
disposal of
foreign
operation - - - - 371 (371) -
--------------- --------------- --------------- --------------- ---------------- ----------------- -----------------------
Total
comprehensive
loss for the
year - - - - 371 (3,308,132) (3,307,761)
--------------- --------------- --------------- --------------- ---------------- ----------------- -----------------------
At 31 March
2013 1,063,078 20,708,897 195,148 792,128 - (13,090,708) 9,668,543
--------------- --------------- --------------- --------------- ---------------- ----------------- -----------------------
Share based
compensation - - 40,109 - - - 40,109
Lapsed options - - (119,219) - - 119,219 -
--------------- --------------- --------------- --------------- ---------------- ----------------- -----------------------
Total
transactions
with owners
in their
capacity
as owners - - (79,110) - - 119,219 40,109
Loss for the
year - - - - - (4,167,320) (4,167,320)
--------------- --------------- --------------- --------------- ---------------- ---------------- ----------------
Total
comprehensive
loss for the
year - - - - - (4,167,320) (4,167,320)
--------------- --------------- --------------- --------------- ---------------- ---------------- ----------------
At 31 March
2014 1,063,078 20,708,897 116,038 792,128 - (17,138,809) 5,541,332
======== ======== ======== ======== ========= ========== =============
Notes to the preliminary results
1 FINANCIAL INFORMATION
The preliminary financial information does not constitute full accounts within the meaning of section 434 of the Companies Act 2006 but is derived from accounts for the years ended 31 March 2014 and 31 March 2013, both of which are audited. The preliminary announcement is prepared on the same basis as set out in the statutory accounts for the year ended 31 March 2013. While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS), as adopted by the European Union (EU), this announcement does not in itself contain sufficient information to comply with IFRSs.
Bglobal plc is incorporated and domiciled in the United Kingdom. The consolidated financial information of Bglobal plc set out in this announcement is presented in Pounds Sterling (GBP), which is also the functional currency of the parent. The consolidated financial information has been approved for issue by the Board of Directors on 10 July 2014.
The statutory accounts for the year ended 31 March 2014 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. Statutory accounts for the year ended 31 March 2014 have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain any statement under section 498(2) or (3) of the Companies Act 2006.
2 GOING CONCERN
Notwithstanding the proposed return of capital to shareholders, the directors consider that the Group has sufficient financial resources and that, accordingly, the use of the going concern basis of accounting is appropriate. The directors believe that the Group is well placed to manage its business risks successfully such risks being potential claims under the warranties and indemnities given to the buyer of each of B Global Metering and Utiligroup. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial information.
3. SEPARATELY IDENTIFIABLE ITEMS
Continuing operations 2014 2013
GBP GBP
Impairment of financial asset (i) 200,000 -
Costs incurred in conducting the 130,654 -
strategic
review (ii)
Costs incurred in relation to the
removal
of the previous Chairman (ii) 131,550 -
-------------------------------------- --------------------------------------
Charge in the consolidated
statement of
comprehensive income 462,204 -
======================================== ========================================
(i) GBP200,000 relates to the impairment of the loan note issued to Pure World Technologies Limited in November 2011. Pure World Technologies Limited was subject to a winding up order issued on 11 October 2013 and is currently in administration.
(ii) On the 3 July 2013 Forest Nominees Limited requisitioned the Board of Directors of Bglobal plc to call a general meeting of shareholders for the purpose of:
- removing Peter Kennedy, Executive Chairman, as a director of the Company;
- removing any directors appointed between the 25 June 2013 and the date of the general meeting as a director of the Company;
- appointing John Heathcoat Grant as a director and Chairman of the Company; and
- as soon as practicable, following the passing of the resolutions, the directors conducting a comprehensive strategic review of the Company.
The costs above relate to professional advice taken in conducting this comprehensive strategic review and costs in relation to the removal of the previous Chairman and subsequent challenges by the former Chairman.
Discontinued operations 2014 2013
GBP GBP
Included within administrative
expenses:-
Impairment of capitalised
development costs
(i) (1,023,123) -
Gain on bargain purchase (ii) - 826,650
Reversal of fair value adjustments
of supplier
companies (iii) - (214,420)
-------------------------------------- --------------------------------------
Charge in the consolidated
statement of
comprehensive income (1,023,123) 612,230
======================================== ========================================
(i) The separately identifiable expense of GBP1,023,123 relates to the development of sub metering solutions and domestic electricity and gas meters. The Board have determined that these products are no longer commercially viable.
(ii) The exceptional credit of GBP826,650 in the year ended 31 March 2013 arose upon the bargain purchase of Draig Technologies Limited in September 2012.
(iii) During the year ended 31 March 2013, four "Supplier in a Box(TM)" energy companies were sold resulting in a gain of GBP226,839. The gain of GBP226,839 is after charging fair value adjustments previously applied totalling GBP214,420, those adjustments being made following the acquisition of Utiligroup by Bglobal plc in 2010 and are considered non-recurring in nature.
4 DISCONTINUED OPERATIONS
Bglobal plc announced on 22 April 2014 that it had reached an agreement on 17 April 2014 with Energy Assets Group plc to dispose of the entire issued ordinary share capital of its metering business, B Global Metering Limited ('BGM'), for a cash consideration of GBP2.3 million, which includes payment of GBP0.2 million for the cash balance of BGM on completion. The disposal was made on a debt free basis with a working capital adjustment mechanism in place post completion. The sale and purchase agreement contains warranties and indemnities that are customary for a transaction of this nature.
Bglobal plc announced on 27 May 2014 that it had reached an agreement with a new company backed by NorthEdge Capital LLP to dispose of the entire issued ordinary share capital of Utiligroup Limited for a cash consideration of GBP16.1 million. The sale and purchase agreement contains limited warranties and indemnities that are customary for a transaction of this nature.
Accordingly, all assets and liabilities allocated to B Global Metering and Utiligroup were classified as a disposal group. Revenue and expenses relating to the discontinuation of these subgroups have been eliminated from the profit and loss from the group's continuing operations and were shown as a single item on the face of the consolidated statement of comprehensive income.
In addition, prior to 31 March 2014 it was determined that each of Nutech Training Limited and Bsmart Energy Solutions Limited were no longer commercially viable and it was therefore agreed to try and sell each company and that if this was not possible to close each company. A sale of each company was not possible during the period and the decision was therefore taken to discontinue these operations with effect from 31 March 2014. As a result these are also included within discontinued operations in the consolidated statement of comprehensive income. Since 31 March 2014, certain of the assets of Nutech Training were sold to two third parties for value.
Year ended 31 Metering Energy Training Software Adj and Total
March and Data Management services and central
2014 Services related
services
GBP GBP GBP GBP GBP GBP
Revenue 5,764,457 466,582 124,702 6,698,394 (219,224) 12,834,911
Cost of sales (4,236,474) (268,205) (18,671) (340,318) - (4,863,668)
-------------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------- ---------------------------------------- -----------------------------------
Gross profit 1,527,983 198,377 106,031 6,358,076 (219,224) 7,971,243
Overheads (2,936,402) (502,870) (549,542) (4,984,083) 219,224 (8,753,673)
-------------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------- ---------------------------------------- -----------------------------------
EBITDA before
separately
identifiable
items (1,408,419) (304,493) (443,511) 1,373,993 - (782,430)
Depreciation
and
amortisation (178,286) (7,116) (21,251) (1,363,665) - (1,570,318)
------------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------- ---------------------------------------- -----------------------------------
Operating
profit/(loss)
before
separately
identifiable
items (1,586,705) (311,609) (464,762) 10,328 - (2,352,748)
Separately
identifiable
items (note
3) (1,023,123) - - - - (1,023,123)
-------------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------- ---------------------------------------- -----------------------------------
Operating
profit/(loss) (2,609,828) (311,609) (464,762) 10,328 - (3,375,871)
Finance income 119 - - 603 - 722
Finance costs - - - (14,661) - (14,661)
-------------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------- ---------------------------------------- -----------------------------------
Loss before
tax (2,609,709) (311,609) (464,762) (3,730) - (3,389,810)
Taxation - - - 245,107 - 245,107
-------------------------------------------- ---------------------------------------- ---------------------------------------- ----------------------------------- ---------------------------------------- -----------------------------------
(Loss) /
profit after
tax (2,609,709) (311,609) (464,762) 241,377 - (3,144,703)
=============================================== =========================================== ========================================= ==================================== ========================================== ======================================
Segment
result
before
separately
identifiable
items
Year ended 31 Metering Energy Training Software Adj and Total
March and Data Management services and related central
2013 Services services
GBP GBP GBP GBP GBP GBP
Revenue 7,420,093 63,498 93,058 7,060,362 (409,998) 14,227,013
Cost of sales (4,801,524) (42,892) (19,671) (376,152) - (5,240,239)
------------------------------------------- -------------------------------------- -------------------------------------- --------------------------------- ------------------------------------- ---------------------------------
Gross profit 2,618,569 20,606 73,387 6,684,210 (409,998) 8,986,774
Overheads (3,563,697) (320,335) (362,966) (5,328,024) 409,998 (9,165,024)
------------------------------------------ -------------------------------------- -------------------------------------- --------------------------------- -------------------------------------- --------------------------------
EBITDA before
separately
identifiable
items (945,128) (299,729) (289,579) 1,356,186 - (178,250)
Depreciation
and
amortisation (200,407) (3,750) (16,738) (1,717,100) - (1,937,995)
------------------------------------------ -------------------------------------- -------------------------------------- --------------------------------- -------------------------------------- ---------------------------------
Operating
profit/(loss)
before
separately
identifiable
items (1,145,535) (303,479) (306,317) (360,914) - (2,116,245)
Separately
identifiable
items (note
3) - - - 612,230 - 612,230
----------------------------------------- -------------------------------------- -------------------------------------- --------------------------------- ------------------------------------- ---------------------------------
Operating
profit/(loss) (1,145,535) (303,479) (306,317) 251,316 - (1,504,015)
Finance income 2,661 - - 21,401 - 24,062
Finance costs - - (707) (1,070) - (1,777)
------------------------------------------ -------------------------------------- -------------------------------------- --------------------------------- -------------------------------------- ---------------------------------
Loss before
tax (1,142,874) (303,479) (307,024) 271,647 - (1,481,730)
Deferred
taxation (1,207,978) - - 567,119 - (640,859)
Current
taxation - - - (128,134) - (128,134)
------------------------------------------- -------------------------------------- -------------------------------------- --------------------------------- ------------------------------------- ---------------------------------
(Loss) /
profit after
tax (2,350,852) (303,479) (307,024) 710,632 - (2,250,723)
Loss on
disposal of
Utilisoft Pty - - - (423,915) - (423,915)
------------------------------------------- -------------------------------------- -------------------------------------- --------------------------------- ------------------------------------- ---------------------------------
Loss for the
year from
discontinued
operations (2,350,852) (303,479) (307,024) 286,717 - (2,674,638)
============================================ ========================================= ======================================== =================================== ======================================= ===================================
5 LOSS PER SHARE
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.
Diluted loss per share are calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares that would be issued on conversion of all dilutive potential ordinary shares into ordinary shares.
The loss for the year after tax and the weighted average number of ordinary shares for calculating the diluted loss per share for the year ended 31 March 2014 are identical to those for the basic loss per share. This is because the outstanding share options and shares arising on conversion of the convertible financial liabilities would have the effect of reducing the loss per ordinary share and would therefore not be dilutive.
2014 2013
GBP GBP
Loss attributable
to equity
holders
including
discontinued
operations (4,167,320) (3,307,761)
======================================== ========================================
Weighted average 2013 2013
number of shares Number of Number of
shares shares
For basic
earnings/loss
per ordinary
share 106,307,871 106,307,871
Potential - -
exercise of share
options
and LTIPs
---------------------------------------------- ------------------------------------------------
For diluted
earnings per
ordinary
share 106,307,871 106,307,871
============================================ =============================================
2014 2013
GBP GBP
Loss attributable
to equity
holders
excluding
discontinued
operations (1,022,617) (633,123)
======================================== ========================================
Basic and diluted (0.96p) (0.60p)
=========================================== ===========================================
Loss attributable
to discontinued
operations (3,144,703) (2,674,638)
Basic and diluted (2.96p) (2.52p)
=========================================== ===========================================
The loss for the year and the weighted average number of ordinary shares for calculating the diluted loss per share for the years ended 31 March 2014 and 2013 are identical to those for the basic loss per share. This is because the outstanding share options and shares arising on conversion of the convertible financial liabilities would have the effect of reducing the loss per ordinary share and would therefore not be dilutive.
6 ANNUAL REPORT AND ACCOUNTS
A copy of the Annual Report and Financial Statements for the year ended 31 March 2014 will be sent to all shareholders shortly and will be available on request from the Company at Bglobal plc, Suites 46 and 47, Manor Court, Salesbury Hall Road, Ribchester, PR3 3XU or by visiting our web site at www.bglobalplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LFFEFDSIAIIS
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