Investment strategy leads Chester-based Flowgroup to £17.1m pre-tax loss

A ramped up strategy to invest in staffing levels and infrastructure has driven North West energy services firm Flowgroup plc to post an eight-figure pre-tax loss for 2015.

The Chester-based company made a loss of £17.1m before tax in the 12 months to December 31, up from a loss of £10.1m the year previous.

Flowgroup has said the figure is attributable to measures taken to secure the business’ future growth prospects.

Revenues for the year stood at £40.4m, a year-on-year increase of just over 21%, while gross profit rose by 55% to hit £3.5m.

Over the course of 2015, the firm saw the number of customer accounts in its home energy business Flow Energy leap by 52%, growing from around 66k in 2014 to about 100k at the end of last year. Since the beginning of 2016, however, that figure has skyrocketed by a further 80% and currently sits at around 180k.

Flowgroup’s CEO, Tony Stiff, said: “We believe that both the UK energy market and the global heating market represent significant opportunity for the Group.

“With our disruptive products and approach, strong partnerships and leadership in place and growing brand awareness, we believe that we can deliver growth in 2016 and beyond.”

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