Energetix hails 2010 as year of transition

THE directors of alternative energy business Energetix Group are looking forward to a ‘major year of transition’ in 2010, as the business continues to change from a technology developer to a commercialised business.

The Chester-based group consists of three companies – Pnu Power, Genlec and VPhase – which all specialise in marketing cost-effective products which allow companies to back-up their power.

The group has started to sell products through its Vphase and Pnu Power companies, generating a combined turnover of £255,000 in the year to the end of December 2009 (2008: £32,000). VPhase alone made revenues of £124,000 from its first year first commercial sales.

Directors said the group, which successfully reduced operating losses to around £4m (2008: £4.2m loss) and ended the year with £5.7m cash in the bank, had finished the year in a stronger financial position than they had expected.

Alan Aubrey, chairman of Energetix Group, said: “2009 was the year when Energetix moved from a development company to a commercial business generating initial turnover. 

“During the year we converted our VPhase and Pnu Power technology platforms into commercial products and established a clear route to market for Genlec by the end of 2010. We look to 2010 with optimism as we anticipate further sales conversion.”
 
The group said it had adjusted its strategy during the tough market conditions to capitalise on the immediate sales opportunities across all our businesses.

It currently employs 41 staff but will be taking on more during 2010 to support product sales.

Mr Aubrey added: “2010 is a major transition year when it is intended that the group will develop further into a fully commercialised sales and associated services business.”

Adrian Hutchings, group chief executive, added: “Whilst we are pleased to see both VPhase and Pnu Power products being shipped to our customers, we recognise that it has taken longer than originally anticipated to have these products available for sale.

“However, as we now have certified products, we are further developing the internal infrastructure associated with the processes, procedures and personnel to deliver our targeted sales.”