Member Article

Chester-based Flowgroup reports large losses despite high revenue

Chester-based Flowgroup has reported its annual results for 2014 showing large pre-tax losses.

The stats

Flowgroup has reported pre-tax losses of £10m for 2014, this is despite a revenue of £33.4m (2013: £13.8m).

Looking forward the group has completed an equity fundraise for 2015, raising £21.3m net.

The analysis

The group have said that the continued losses are due to an increase in staffing levels within all business areas as it prepared for 2015 and the launch of the Flow boiler.

The group has also invested heavily in equipment and property during 2014.

The comment

Non executive chairman of Flowgroup, Clare Spottiswoode, said: “Following the launch of our electricity-generating Flow boiler we believe we are now in a position to take advantage of the commercial possibilities that this game-changing product presents.

“We believe we are well set for a year of good progress in 2015.”

The summary

Flowgroup had large pre-tax losses, but a high revenue, it launched the Flow boiler in 2015 and raised £21.3m net from a equity fundraise.

This was posted in Bdaily's Members' News section by Sophia Taha .