Turnover soars for Flowgroup but losses also rise
FLOWGROUP, the developer of efficient energy products, has announced a spectacular 142% increase in turnover to £33.4m (2013: £13.8m).
The Cheshire company’s preliminary results for the year ended December 31, also highlighted an operating loss of £10m (2013: £7.7m), reflecting infrastructure and resource costs “to support business growth and commercialisation”.
Key elements in the Capenhurst-based firm’s performances were the award of CE Certification from the British Standards Institution (BSI), for the Flow boiler.
Flowgroup also increased the maximum number of Flow boilers to be manufactured under Jabil agreement from 390,000 to 500,000, and agreed to collaborate on future development.
The company also opened a dedicated installer training school with the capacity to train 3000 installers a year.
The latest results do not yet reflect the launch of the Flow boiler during January 2015 or the raising of £21.3m (net) in equity fundraise, including £7.4m from Jabil, to accelerate future growth.
Clare Spottiswoode, non executive chairman of Flowgroup said: “Following the launch of our electricity-generating Flow boiler we believe we are now in a position to take advantage of the commercial possibilities that this game-changing product presents.
“We believe we are well set for a year of good progress in 2015.”
