STOCKS NEWS EUROPE-Bglobal down; pretax loss widens

Shares in Bglobal (BGBL.L) fall 5.4 percent after the provider of smart meters for the UK energy market reported wider pretax losses for the full-year 2009, while revenues came in below expectations.

Bglobal announces full-year revenue of 6.64 million pounds as a result of delays in installations, and posts a wider pretax loss of 4.28 million pounds compared with a loss of 3.5 million a year ago on higher administrative costs.

However, Charles Stanley remains bullish on the company, saying: "Bglobal will be trading profitably very shortly and further finance tranches ought to be available pending successful installation rates from here on out."

The broker keeps its "buy" rating and raises its target price to 35 pence from 15 pence and says the shares trade on just 6 times 2011 its earning per share forecast of 6 pence.

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