BGlobal hits installation delays
Smart meter group BGlobal has hit installation problems with the total number of meters installed in the first half behind expectations.
"The board is revising its installation expectations for the year downwards by 10% and anticipates that it will raise operating costs to ensure that it maintains and increases the current installation rate," it said.
This "will impact on Bglobal Metering's contribution to group performance in FY11, it added.
Meanwhile, in a boardroom re-shuffle, Tony Barnes, the group's chief executive, has stepped down to pursue other interests. Tim Jackson-Smith, the current Commercial Director and General Counsel, has taken over as group chief executive.
"The business has been profitable and cash generative during the period and we are confident in our ability to deliver further growth in revenues and profitability throughout the rest of this financial year," he said.