Flowgroup on target for boiler launch

FLOWGROUP, the Cheshire company which has pioneered an environmentally-friendly micro combined heat and power boiler for domestic use, said full-year revenues are slightly ahead of market forecasts.

The company, based at Capenhurst near Ellesmere Port, stressed it was on schedule for the commercial launch of the boiler in the second half of the year.

Last year it raised nearly £18m through a placing and open offer to fund continuing commercial development of its Flow boiler – a gas-fired domestic boiler that generates electricity at the same time as it uses gas to heat a home.

In a pre-close update the firm previously known as Energetix, also said it was making good progress with its energy business, Flow Energy, which now has annual revenues of around £30m. The group is also working on a compressed air battery.

Chief executive Tony Stiff said: “We’ve consistently spoken about our technology platform as having the potential to underpin Flowgroup’s development into a large, global company. We believe that, in 2014, we’ll see that profile of company begin to emerge.  Our launch in the second half of this year will be the first time that microCHP technology has been commercialised in an affordable form for the mass market. That represents a significant opportunity to gain market share in the UK and beyond and generate strong returns for shareholders.”