30th Sep 2013 14:24
LONDON (Alliance News) - Flowgroup PLC, an alternative energy company, posted increased revenues and widened pretax losses as it brought its products to commercialisation.
In the half-year ended June 30 the company posted revenues of GBP466,000, up from GBP88,000 in the previous year. The company had a pretax loss of GBP7.2 million, widened from GBP2.5 million. Losses were in line with internal budgets as it moved to commercialisation, the company said. The Flow products division incurred a loss of GBP1.8 million as it reached the final stages of development on its Flow boiler and components for its initial production run were purchased.
Flow Energy saw a loss of GBP1.8 million due to customer acquisition costs and an increased cost base as the business launched.
The company said that it was working hard to de-risk its technical proposition as it saw its first significant revenues from its product Flow Energy. Flowgroup said that it was able to establish its energy supply business to time and under budget, and had far exceeded its sales projections.
Shares in Flowgroup were trading down 0.10 pence at 10.40 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Flowgroup