Darwen firm in joint venture with Korean giant (From Lancashire Telegraph)

Darwen firm in joint venture with Korean giant

9:37am Tuesday 14th August 2012 in Business

DARWEN-based smart metering firm Bglobal have announced a joint venture with Korean electronics giant Samsung.

A Bglobal statement said: “The JV agreement will become binding and effective after certain conditions including the following are satisfied: receiving a firm order from a UK energy supplier for the smart energy solution and the necessary regulatory and internal approvals from Samsung C&T.”

Bglobal’s shares were up 12.33 per cent, or 1.13p, at 10.25p on the news.

The firm, which employs 150 people in Commerical Road, posted revenues for the year to March 31 of £18.41m, down by 36.5 per cent from £28.99m.

Pre-tax profits were £590,390, up from a loss of £721,959 in the previous period.

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