6th Jan 2016 08:56
LONDON (Alliance News) - Energy technology company Flowgroup PLC on Wednesday said it expects to report 2015 results in line with market expectations, as it exceeded its customer account target for the year.
Flowgroup had been targeting 100,000 energy customer accounts by the end of 2015, and said it had beaten this target.
In December, the company agreed a contract with Royal Dutch Shell PLC for the provision of wholesale energy, which meant it was able to terminate a previous energy supply agreement and release cash it had previously held as collateral for energy customers. As a result, Flowgroup had a cash balance of GBP18.8 million as at the end of 2015.
Flowgroup said it will announce its 2015 results in April.
Shares in Flowgroup were up 5.8% at 16.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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