Social housing helps VPhase sales
DEMAND from the social housing sector has helped VPhase, the Chester-based manufacturer of energy saving products, cut losses and increase half-year sales.
The AIM-listed company said revenues jumped from £201,000 to £658,000 in the six months to June 30.
It cut pre-tax losses from £1.08m to £805,000.
The company has developed a voltage management system that reduces and regulates incoming power. It believes it can cut up to 10% from electricity bills.
There has been “strong demand” from social housing groups, said the company, with 85 trials completed or underway.
Overseas interest is also growing. A £12.4m deal was signed with an Australian firm in March and last month a £630,000 agreement was struck with a Cypriot business. Talks are also underway in Holland, Poland and Malta.
Non-executive chairman Vanda Murray said: “This has been a period of considerable progress for VPhase and the board is pleased that the growth in revenue demonstrates the significantly increasing demand for our product.
“We are excited about the new products that are about to be launched, following a period of intensive R&D, and with a robust order book and our growing partnerships with blue chip names, VPhase is poised for future growth.”
