BGlobal performed slightly ahead of market expectations in the year to 31 March, but the provider of electricity and gas meters said delays in the implementation of "smart" metering has caused some its customers to defer orders, which will hurt its performance next year.

"The government announced at the end of March 2011 that the mass rollout of smart metering to the residential and SME markets will start in 2014 and this has caused some of our customers to defer their rollout strategies," the company said.

"As a result, the business has seen a marked slowdown in the volume of installations taking place in the industrial and commercial sector."

BGlobal says it has revised its installation expectations for the year, which will "significantly impact" the metering division's contribution to revenues in the year.

Metering accounts for more than half of BGlobal's revenues.

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