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FLOW Flowgroup

0.0145
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Flowgroup LSE:FLOW London Ordinary Share GB00B19H7076 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.0145 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Flowgroup plc Expansion of Jabil manufacturing deal (7692X)

24/11/2014 7:00am

UK Regulatory


Flowgroup Plc (LSE:FLOW)
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RNS Number : 7692X

Flowgroup plc

24 November 2014

Flowgroup plc

(the "Company")

Expansion and improvement of Jabil manufacturing deal

Flowgroup plc (AIM: FLOW), which develops and commercialises alternative and efficient energy technology products, announces that it has expanded its manufacturing deal with Jabil Circuit Inc ("Jabil").

The number of electricity-generating Flow boilers to be manufactured under the agreement will increase from 390,000 to 500,000. In addition, Flowgroup and Jabil have agreed to collaborate on the Company's future Flow mCHP product developments. As well as this closer collaboration around product development, the amended agreement also includes an extension of the drawdown period of the previously announced loan facility, which now expires on 31 December 2015, and improvements to the credit terms for a period of time to support the initial launch of the Flow boiler in the UK.

Tony Stiff, Group CEO of Flowgroup, commented: "We are delighted that Jabil will now manufacture 500,000 game-changing Flow boilers, rather than the original 390,000. As our two companies have worked together in the run up to the recent initiation of production of the Flow boiler, it has become clear that a closer relationship and greater collaboration could bring real benefits. It will allow Flowgroup to accelerate current product development, which potentially allows us to grow our boiler business more quickly, both in the UK and abroad, and the reduction of manufacturing costs. As with our original deal with Jabil, this represents an excellent opportunity for the Company."

David Kipling, Senior Director Corporate Investment at Jabil, added: "We are pleased that the relationship with Flowgroup continues to develop and we remain enthusiastic about Flowgroup's products and its business model. Jabil looks forward to continuing to provide support to Flowgroup in the pursuit of its business plans and production requirements."

 
 Flowgroup plc                                                        www.flowgroup.uk.com 
 Tony Stiff, Group Chief Executive Officer                        Tel: +44 (0)151 348 2100 
 
 Investec Bank plc (NOMAD, joint Financial                        Tel: +44 (0)20 7597 4000 
  Adviser and joint Broker) 
 Christopher Baird / Daniel Adams / Ben Williams 
 
 Cenkos Securities plc (joint Financial Adviser                   Tel: +44 (0)20 7397 8900 
  and joint Broker) 
 Stephen Keys / Christopher Golden (Corporate 
  Finance) 
  Julian Morse (Sales) 
 
 Walbrook PR Ltd                      Tel: +44 (0)20 7933 8780 or flowgroup@walbrookpr.com 
 Paul McManus (Media Relations)                                         Mob: 07980 541 893 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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