Revenue hots up for boiler maker Flowgroup

FLOWGROUP, which has developed a combined heat and power boiler for the domestic market, is starting to attract revenue.

In figures for the six months to the end of June the company saw income increase from £88,000 to £466,000.

Pre-tax losses widened to £7.2m from £2.4m but the company said its operating losses of £4.6m were in line with budgets. It also took a £2.6m hit on its investment in energy monitoring firm Vphase which went into administration earlier this month.

The Chester-based group’s leading product is an energy efficient gas boiler called Flow microCHP. The company said it is on track to deliver over 100 production standard Flow boilers for the pilot during this winter, with volume manufacture next year.

Chairman Clare Spottiswoode said: “Throughout the development of the Flow boiler, we have worked hard to de-risk the technical proposition.

“Now we are nearing commercialisation and we are doing that from an extremely sound technical footing. This gives us a great deal of confidence that we can execute the firm plans we have, meet the challenges we face and build a market leading energy services business.”