- Software company Simble Solutions (SIS) has seen its shares rise after releasing its shareholder update presentation
- Simble’s product suite, most of which are connected to smart meters, allows businesses to understand their usage and reduce energy consumption
- The company is predominantly targeting the U.K. market which has seen its government put in place various regulations for businesses to report on their carbon footprint
- In addition, the U.K is progressively rolling out up to 53 million smart meters nationally – which will compliment Simble’s products
- In 2020, the smart energy company will focus on building revenues, improving margins and maximising its company structure
- Simble is up 3.45 per cent, with shares trading for 3 cents each
Software company Simble Solutions (SIS) has seen its shares rise after releasing its shareholder update presentation.
The ASX-listed company has been quiet on the market since it announced a $1.1 million placement and a leadership shuffle on November 5.
The presentation detailed not only Simble’s product portfolio and business model, but also its strategy, U.K. expansion and the challenges of 2019.
Simble’s product suite, most of which are connected to smart meters, allows businesses to understand their usage and reduce energy consumption using Internet-of-Things (IoT) technology.
These include SimbleConnect which is a cloud-based software solution for everyday businesses connecting them with their energy usage and costs.
Most commonly known is Simble’s “SimbleSense” solution app, which helps track your energy usage and save costs when it comes to paying bills in your home or business.
CarbonView is slightly different in the sense it is a single database for sustainability data. It offers analytics for businesses to find opportunities to mitigate greenhouse gas emissions and calculate their carbon footprint confidently.
Up to 12,000 businesses are obliged to report on their carbon emissions under Phase 2 of the U.K. Government’s Energy Savings Opportunity Scheme.
Simble is predominantly targeting the U.K. market, especially with its DCC app. DCC is a residential energy mobile application for users to understand energy consumption in their homes.
Unfortunately, a major challenge the company has faced is the delay of the smart meter rollout in its main targeted market.
A few months ago, the U.K. Government announced the 2020 deadline for the completion of the national smart meter rollout has been postponed by four years.
As of September 30 2019, there were 15.6 million operational smart meters but, the national deployment will see up to 53 million smart meters for £13 billion (A$25 billion).
While this costed the U.K. billions and the long-term benefits are significant, Smart Energy GB Director Robert Cheesewright says “the financial and environmental benefits for households and the country far outweigh the costs by billions of pounds.”
This had put a delay in Simble converting sales opportunities and impacted the timing of contracts and new partners, however it is now gathering momentum with cost cutting initiatives put forward.
In lieu of this, Simble has focused on financial management with $700,000 in annualised cost savings already implemented and a reduction in research and development costs.
Despite the delay, the U.K. remains a high-demand market for Simble’s offering.
The U.K signed a target of net-zero greenhouse gas emissions by law, encompassing the entire economy. The U.K. Government has also committed to invest billions as part of its Clean Growth Energy Strategy.
In 2020, the smart energy company will focus on building revenues, improving margins and maximising its company structure.
Simble is up 3.45 per cent, with shares trading for 3 cents each at 2:09 pm AEDT.