Flowgroup 'firmly on track' to launch boiler as annual losses widen

8th May 2014 12:48

AIM-listed Flowgroup claimed a year of "significant progress" in 2013 as it recorded first major annual revenues and ramped up its boiler business ahead market launch later this year, although this led to wider losses. The company recorded annual revenue of £13.8m in the calendar year thanks to the launch of its energy supply arm, but operating losses rose, as expected, from £4.8m to £7.7m.Executive Chairman Clare Spottiswoode said: "The vision of millions of households employing small-scale, efficient generation is often seen as future thinking. The group believes that its microCHP technology platform represents a clear opportunity to bring this vision to life," she said. The Flow boiler is standard-sized, quiet and affordable, which she said had "long been a sought-after prize in the global heating industry". She said the all-important commercial launch of the Flow boiler was "firmly on track" for later in 2014. A net £16.4m fundraising for the commercialisation of its boiler and the Flow Battery, an industrial-focused backup power source, led to £17.4m cash in the bank at year end.Shares in Flowgroup were down 4.6% to 35.75p at 13:00 on Thursday. OH