VPhase upbeat on prospects as revenues leap

HOME energy efficiency pioneer Vphase has reported a 65% surge in annual revenues and says it is looking forward to the future with confidence.

The AIM-listed company, based at Capenhurst, Cheshire, has invented a voltage optimisation device which cuts household electricity bills by as much as 12%.

In the last year it has signed deals with a number of social housing groups, and just last week announced a major order from an Australian company – its first overseas deal – and one that could be worth more than £12m in revenues over the next five years.

Revenues in 2011 rose from £226,000 to £440,000, but operating losses, reflecting further marketing and development costs rose from £1.7m to £1.9m.

Last December the company raised a further £2.3m in a rights issue to fund its growth.

Chief executive Rick Smith, said: “We continue to make steady progress in growing the business, with revenue increasing by 65% during the period, £2.3mraised in December and continued independent recognition by the industry for our achievements and innovative products.

“We have entered into a number of agreements in the social housing market as well as broadening our offering in new territories such as Australia.  

“The board’s stated strategy is to build a solid platform for future growth through markets such as social housing, and with a strong and growing pipeline of orders, we are excited about the opportunities that exist both domestically and overseas for the group.”   

Chairman Vanda Murray said the compnay would  continue to focus on converting its pipeline to sales this year.  She said this was paying off as more than over 35% of the total sales volumes in 2011 occurred in the last quarter.

She added: “We continue to lobby for inclusion in the UK Government’s Green Deal programme and have gained the support of some utilities and other organisations in this regard.”