BGlobal Plc (LON:BGBL) (BGBL, 36.5p, £36.32m) Interims to September 2010 from the smart meter and related services provider saw revenues rise 114% to £12.46m (£5.82m)  though that includes 3 months contribution of £2.03m from the June 2010 Utilicorp acquisition, giving very respectable underlying growth of 79%. Encouragingly the original business reported gross profits of £3.65m or margins of 35%, while Utilicorp reported gross profits of £1.91m or margins or 93.7%. Underlying admin charges of the original business were £3.07m (£2.38m), 29.4% (33.5%) of sales with Utilicorp incurring admin charges of £1.35m or 66% of its sales. Underlying PBT was £1.36m (loss of £0.48m). The group ended the period with net cash of £0.79m (£1.22m at the yearend) post a £1.28m cash outflow to working capital, the Utilicorp costs of £3.89m offset by a £6.37m cash raise during the period. The ability to offer a greater in depth service with the acquisition of Utilicorp we believe will aid cross selling opportunities and enhance the ability to win larger, long term contracts.   After a slow start in Q1 the group installed a total of 32,243 with over 7,043 in September alone – and daily average run rates in October and November has been over 310.  Smart meter installations accounted for £8.37m (£5.04m) of revenues while Data Service contributed £1.66m (£0.78m).  With new entrants into the energy market, such as Coop Energy for whom Bglobal is supplying the back office functions, we see Bglobal as an excellent way of investing in the need to go green. We maintain the BUY recommendation with a 59p (or 20 times this year’s EPS) price target.  

Dawson Hldgs (LON:DWN) Holdings (DWN, 5.63p, £4.04m) Finals to September 200 from the media service business were in-line with expectations with revenues of £78.4m (£81.4m) and underlying PBT of £1.1m (£1.8m) and EPS of 0.7p (2p). Net cash was ahead of our expectations at £1.7m (£0.1m).  Dawson Media Direct (DMD) managed to grow both revenue and profits by overseas expansion which more offset the damage done in the UK by the withdrawal of a daily newspaper publisher from promotional copies in airport lounges and airport gateway services. The outlook is better for DMD with contracts win with Delta airlines and Lyria for cross border travel. Dawson Books saw tough conditions for physical sales,…

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