BOSSES at smart meter-makers Bglobal have promised no more jobs will be lost at the company in the near future.

Chief executive of the Darwen firm Tim Jackson-Smith said this year’s £1.5million savings – achieved by making 50 people redundant – was the right thing to do.

He said: “It is never pleasant to lose staff but it was the right thing to do. We are confident that no further cuts will be needed imminently.”

A smart meter is a device that records energy consumption and sends figures direct to the supplier, without the need for meter readers.

The company was hit as the Government pushed back plans for mass smart metering in homes to 2014 and for businesses to 2019.

His announcement came as results for the six months ending on September 30 were announced.

They showed the company, which now employs about 160 people across the group, had remained marginally profitable, with pre-tax profits at £670,000, down £100,000 on the previous year.

On top of this, revenues were down 16.3 per cent, from £12.46million last year to £10.43million this year.

However, Mr Jackson-Smith said this would improve.

He said: “The group is in a transitional period.

The results reflect a strategic change in direction across the whole group.

"We are delighted with where we are now, considering the difficult year we have had. We are profitable and cash-generative.”

Bglobal took over rival Chorley firm Utiligroup last year and Mr Jackson-Smith said that it was performing better than it was last year and had increased staffing by about 20 per cent.

Chief financial officer Nick Kennedy said: “The cost-saving measures were a one-off this year.”

Mr Jackson-Smith said if revenues do increase, the firm will look to employ more staff.