SHARES in BGlobal, a Lancashire company which supplies `smart meters' to help businesses monitor their energy consumption and cut bills, slipped to their lowest level since the firm floated in April after it unveiled higher-than- expected losses for the first half of the year.

The Blackburn-based company posted pre-tax losses of £1.6m for the six months to September 30, £700,000 more than in the same period last year.

Sales rose from £700,000 to £2.15m but were lower than anticipated, said chairman James Newman. He said the roll-out of meter installations for British Gas and NPower had been slower than expected.

BGlobal's shares fell 0.5p, or 1.47 per cent, to 33.5p. They have almost halved from their level soon after the business floated on AIM at 50p a share. But its order book has improved in recent months.

The company, established by chief executive Peter Kennedy, secured new clients during the half-year including Ladbrokes, Northumbrian Water and pubs operator Spirit Group. Bizz Energy signed for 8,000 smart meters for customers next year.

Mr Newman said: "The board is confident that the group will be a leading player in what will be a fast expanding market."