Energy specialist’s losses widen to £17m

REVENUE for energy saving company Flowgroup has grown 21% from to £40.4m (2014 £33.4m) in the financial year to December 31.

However, investment in staff and infrastructure means the Chester-based firm’s losses increased from £10m to £17.1m.

In its preliminary results report, AIM-listed Flowgroup highlighted the signing of a wholesale energy agreement with Shell for the provision of gas and electricity.

Additionally, a successful fundraise was completed raising £21.3m including an investment of £7.4m from Jabil.

The company said in the four months post period end, Flow Energy has grown 80% to 180,000 customers fuel accounts.

Flowgroup has also carried out the first commercial installs of Flow boiler completed in customer homes.

Meanwhile it has been awarded MCS Accreditation for the Flow boiler, meaning it attracts feed-in tariff payments for the electricity it generates.

Two agreements have been signed with Daikin Europe NV and its UK subsidiary for the provision of two additional cutting-edge heating products.

And the company recently signed a letter of intent with Italian consortium Trillary Srl for assessment of Flow boiler for Italian market.

Chief executive Tony Stiff said: “We believe that both the UK energy market and the global heating market represent significant opportunity for the group.

“With our disruptive products and approach, strong partnerships and leadership in place and growing brand awareness, we believe that we can deliver growth in 2016 and beyond.”