5th Mar 2014 10:13
LONDON (Alliance News) - Flowgroup PLC Wednesday said it expects 2013 revenue to be slightly ahead of analyst forecasts, and confirmed that it is on schedule to launch its new boiler product in the second half of 2014.
The alternative energy products company said it had seen significant achievements during the year such as the successful launch of its energy business Flow Energy, and the launch of a domestic pilot for its microCHP Flow boiler.
The company expects to launch the new boiler commercially in the second half of 2014. It signed a production agreement with Jabil Circuit Inc for the new boiler. Jabil will begin production at its facility in Livingstone, Scotland, in the second half of the year.
The Flow Energy business continued to exceed expectations, Flowgroup said, as it produced annualised revenues of no less than GBP30 million.
In its Flow Battery business, the company won a three-year framework agreement with National Grid PLC and has now received its first orders under the agreement.
Flowgroup noted the growing trend of the 'connected home', part of the 'internet of things' trend in technology, which is focused on producing interconnected systems for the home that can be controlled remotely, such as a heating system that can be controlled via smartphone.
Flowgroup said that it will "continue to develop the 'smart' capability of its boiler, enabling integration with third-part connected home technologies such as internet connected 'smart' thermostats and energy monitors."
"We've consistently spoken about our technology platform as having the potential to underpin Flowgroup's development into a large, global company," said Chief Executive Officer Tony Stiff in a statement. "We believe that, in 2014, we'll see that profile of company begin to emerge."
Flowgroup expects to announce its full year results May 8.
Shares in Flowgroup were trading up 14% at 31.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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