Flowgroup plc Growth of energy business
31 March 2015 - 5:02PM
RNS Non-Regulatory
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Flowgroup plc
31 March 2015
RNS REACH
31 March 2015
Flowgroup plc
("Flowgroup" or the "Company")
Growth of energy business
Flowgroup plc (AIM: FLOW), which develops and commercialises
alternative and efficient energy technology products, announces
that its home energy business, Flow Energy, will re-enter the UK
energy market on 7 April 2015 with a competitive tariff, with the
aim of growing its customer base.
Flow Energy originally entered the energy market in 2013. It has
attracted 66,000 customer accounts since launch and its current
customer base generated GBP33m revenue in 2014.
Flow Energy will re-enter the market with the Connect Tariff,
which will offer fixed prices until 31(st) March 2016. It is
designed to be one of the most competitive tariffs on the market
and is priced to attract customers to Flow Energy, as well as to
retain existing customers.
Tony Stiff, CEO of Flowgroup, commented: "Changing consumer
behaviour around energy, with higher switching rates and a move
away from the Big 6, as well as governmental focus on encouraging
switching, means the energy market presents an opportunity for our
business in 2015. Our new tariff will, we believe, allow us to grow
Flow Energy's customer base. This would bring significant benefits
to the Group, as it did in 2013 and 2014. As well as generating
additional revenue, our larger customer base would provide a
perfect opportunity to cross-sell the Flow microCHP boiler, as well
as other energy efficient products. We are therefore extremely
pleased to be announcing this news today."
Flowgroup plc www.flowgroup.uk.com
Tony Stiff, Group Chief Executive Tel: +44 (0)151
Officer 348 2100
Nigel Canham, Chief Financial Officer
Walbrook PR Ltd Tel: +44 (0)20 7933 8780
or flowgroup@walbrookpr.com
Paul McManus Mob: 07980 541
893
This information is provided by RNS
The company news service from the London Stock Exchange
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