Disruptor Flowgroup laps up consmer plaudits

CHESTER-based energy technology company Flowgroup has been boosted by a 120% increase in its customer base to 220,000 helped by a big award from consumer magazine Which?

Flowgroup was awarded the Which? recommended energy supplier award in 2016, and half year results for the AIM-listed company to June 30 are backing up its claim to be a disruptive business in its sector.

Total revenues are up 104% to £41.8m (H1 2015: £20.5m) with Flow Energy turnover up 106% to £41.7m. However, its operating loss has risen from £6.9m in the first half of 2015, to £8m.

Meanwhile, its smart boiler business has delivered the first sales of the Flow microCHP (electricity generating boiler) in April.

An agreement was signed in April with Daikin for the non-exclusive provision of a hybrid heat pump and  exclusive provision of the Daikin combination boiler.

There has also been a signed agreement with Intergas for the manufacture of Flow ECO RF, from Intergas, the leading manufacturer in Holland, jointly branded as Flow/Intergas.

There has also been continued strong growth, increasing customer fuel account numbers from 220,000 on 30 June 2016 to over 255,000 on 1 September 2016, representing more than £127m of revenue on an annualised basis.

Flowgroup chief executive Tony Stiff said:  “We continue to deliver our strategy of disrupting the energy and heating markets with a compelling mix of competitive home energy supply, some of the world’s most exciting heating products and a growing connected home offer.

“We have started to sell and install our game-changing microCHP boiler, although we are currently taking a cautious approach due to the imminent announcement from Government on the future of the microCHP Feed-in Tariff.

“As planned, and in line with our strategy, we have supplemented our Flow microCHP boiler with other innovative heating products from globally-recognised manufacturers and will commence sales of one line in this range, the Flow ECO RF, provided by Intergas, the Dutch market leader, today (September 5).

“We will commence sales of another product, the Daikin Hybrid this winter and are expecting Daikin’s range of Combi boilers to be available during H1 2017.”