Social housing helps VPhase sales
VPHASE, the Chester-based manufacturer of energy saving products, saw revenues more than double last year thanks to tie-ups with social housing groups.
During the year to the end of December sales were also helped by international deals in Australia, France and Cyprus.
Turnover grew from £440,000 to £1.3m. Pre-tax losses narrowed from £1.9m to £1.6m.
The AIM-listed company’s main product is a system that reduces and regulates incoming power.
VPhase said sales had slowed in 2013 due to the funding regime in social housing being “limited up to the end of March”. The company admitted this will hit its half-year figures. But its directors believe government policy is holding it back more than anything else.
The Department of Energy & Climate Change does not yet give points for voltage optimisation systems that go towards energy efficiency ratings. The industry believes this would have a massive impact on sales.
Chief executive Rick Smith said: “The board is pleased with the progress that has been made during the period notwithstanding an increasingly competitive environment; we have worked to further penetrate the social housing sector in the UK, as well as deliver agreements in key overseas territories and product development has also been a focus during 2012.
“The start to 2013 has been slower than expected but we believe we are putting in place the building blocks to address this and will update further at the half-year and as progress is made.”
