Smart energy solutions and services business Bglobal plc has sold its Australian subsidiary, Utilisoft Pty Ltd (“Utilisoft Australia”), to Hansen Corporation Pty Ltd for a cash consideration of AUD$3.5 million (£2.36 million). Utilisoft Australia provides data management, software and process solutions to customers in the Australian energy market. Hansen is an independent provider of billing, customer care and IT solutions to the telecommunications, electricity, gas and water industries.
In the year ending 31 March 2012, Utilisoft Australia achieved revenue of £2.38 million, operating profit of £0.36 million and profit before taxation of £0.39 million. The net assets of Utilisoft Australia at 31 March 2012 were £0.40 million.
The sale of Utilisoft Australia will allow the Board to focus on its remaining UK operating businesses and continue to develop its “meter to cash” smart meter services platform. During 2012, investment has been made in establishing Bsmart Energy Solutions, a company that is focused on delivering end to end energy services to the SME market and Nutech Training Limited, a company that provides dual fuel smart meter installation training. Both of these subsidiaries are now generating revenues for the Group. The cash proceeds of the sale will be used to invest in the further development of products and services, especially in the further development and testing of a PAYG integrated software solution for which the Group has received strong interest.
The Group now has a strengthened balance sheet, cash in the bank of approximately £3.4 million and the Board has confidence that further progress will be made during the current calendar year to capitalise on the opportunities that the Group is currently pursuing.
Tim Jackson-Smith, CEO, commented: “The sale of our Australian subsidiary strengthens the Group’s balance sheet and provides us with the resources to accelerate the development and field testing of our PAYG solution for which we have seen strong interest from existing energy suppliers and social and commercial landlords. I would like to thank all of the team at Utilisoft Pty for their commitment and hard work and look forward to seeing the business develop under its new owner.”
UK, Darwen, Lancashire & Australia, Bathurst NSW