26 May 2015 – final results
The alternative energy product group has announced its results for the year to 31 December 2014 which have revealed a sharp increase in revenues to £33.4m (2013: £13.8m) although the loss before tax was at a similar level to the previous year at £10.1m (2013: loss of £10.2m). This was due to increased investment at the group. At the year end the group had net cash of £8.4m although it has recently raised another £21.3m in an equity issue to accelerate future growth. Of the funds raised, £7.4m was invested by Jabil, which is responsible for the manufacture of the group’s revolutionary Flow Boiler at its facility in Scotland. The group now has the world’s first affordable electricity generating boiler and this was launched in January. However there have been some delays in testing the boilers and first customer installations are now expected next month at which point production will be ramped up significantly. The medium term prospects for the group are excellent assuming that the testing process is satisfactorily completed with revenues set to increase significantly although profits are unlikely until 2017. Nevertheless, we believe that company has an exciting future and the shares remain a STRONG BUY.