29 April 2016 – final results
Flowgroup, the innovative provider of energy technologies and services, has announced its annual results for 2015 which show that the group is making promising progress. Regular readers will be aware the that the group’s primary product is the Flow boiler which not only provides heating but also generates electricity. The group has also extended its activities to become a supplier of energy to the domestic market and at the end of April 2016 it had signed up 180,000 customers. Revenues in 2015 rose to £40.4m (2014: £33.4m) although the group’s loss before tax increased to £17.1m (2014: £10.1m). This reflects the investment made by the group in both staffing levels and infrastructure as it prepares for further growth across the business. The group remains well-funded with cash of £18.8m at the end of the year (2014: £8.4m) following the fund raising last year. The group is making excellent progress in our view and for patient investors the rewards could be significant. LONG TERM BUY.