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| 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 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMFLOW
RNS Number : 0873R
Flowgroup plc
19 September 2017
Flowgroup plc
("Flowgroup" the "Company" or "the Group")
Half-year Report
Flowgroup plc (AIM: FLOW), which provides residential gas and electricity supply and other energy services to over 250,000 customer fuel accounts, announces its unaudited Interim Results for the six months ended 30 June 2017.
Financial Highlights
-- Revenues up 71.6% to GBP71.8m (H1 2016: GBP41.8m) -- Operating loss before exceptional items of GBP10.8m (H1 2016: GBP8.0m loss)
-- Headline cash of GBP20.1m of which GBP3.9m in energy trading account (31 December 2016: GBP9.2m of which GBP3.4m in trading account)
-- Successful re-capitalisation of the Company via a fundraise of GBP25.3m (net)
Operational Highlights
-- Customer fuel accounts on supply as at 30 June 2017 of over 255,000
-- Positive strategic change to focus on building a profitable, sustainable energy supply business
-- Successful launch of direct acquisition channels aimed at enhancing Lifetime Value of each customer
-- Improved value of our energy portfolio on an annualised basis as customers retained on new tariffs
-- Focus on cost reduction across the business to drive to breakeven targets -- Churn higher in the first half of 2017, but has now returned to the expected range -- New Board members have strengthened the management of the business
Post period end
-- Current customer base represents estimated GBP141m in annualised revenue
-- Company launched energy customer referral programme to acquire new customers and enhance existing customer loyalty
-- Company launched a solar PV and boiler installation offering
-- Company is transitioning 100% of energy customers to 50% renewable electricity at no cost to our customers. This is more than twice the proportion in the national average energy mix
-- Company on track to launch new Flow Green tariff in October 2017 - a 100% renewable electricity tariff and green gas offset available at a small premium
-- Implementing plan to reduce cost to serve, including significant IT projects to drive operational efficiencies
-- Senior management team strengthened with appointment of Chief Information Officer
-- mCHP business significantly downsized, strategic review continues with outcome expected in Q1 2018
Tony Stiff, Group Chief Executive Officer, commented: "We believe that we have created a firm foundation from which to drive growth and acquire customers moving into the winter period. Our strategy is clear and we have the resources and people in place to deliver it. Our market is large and valuable and undergoing significant change as challengers like Flow Energy attract customers by offering better value and better service. By balancing growth with sustainable prices and a tight control of costs, we believe we can build a profitable energy business and deliver significant value to shareholders."
Enquiries:
Flowgroup plc www.flowgroup.uk.com Tony Stiff, Group Chief Executive Tel: +44 (0)20 3137 4525 Officer Nigel Canham, Chief Financial Officer Cenkos Securities plc (NOMAD and Tel: +44 (0)20 7397 8900 Broker) Stephen Keys/Mark Connelly/Callum Davidson (Corporate Finance) Julian Morse (Sales) Walbrook PR Ltd (Media Relations) Tel: +44 (0)20 7933 8780 or flowgroup@walbrookpr.com Paul McManus Mob: +44 (0)7980 541 893 Nick Rome Mob: +44 (0)7748 325 236
Chief Executive Officer's review
For the first six months of 2017, Flowgroup was engaged in the continuation of a wide-ranging strategic review of its business. The conclusion of this review resulted in an investment into the Company of GBP25.3m, net of expenses, led by Palm Ventures and Lombard Odier. The Company is now exclusively focused on building a profitable energy supply business. The microCHP business has been significantly downsized and no longer represents a material cost to the Company.
The Company achieved high revenue and energy customer account growth of over 150% in 2016, which has allowed us to achieve greater scale. The focus of the business is to now achieve profitability as soon as possible by increasing the number of customer fuel accounts, lowering our Customer Acquisition Costs, lowering our Cost to Serve each customer, and increasing the Lifetime Value of each customer.
Macro Outlook
There are approximately 50 million customer accounts available in the British domestic energy market and we believe that we will continue to attract new customers. We have proven our ability to transition from a start-up to an established supplier and we have the trading, regulatory, technical, metering, service, marketing and finance teams in place that a growing energy business needs. Flow Energy has an outstanding reputation for customer service, which we believe will be a key differentiator in the energy supply business going forward. Furthermore, the Group has a wholesale energy trading agreement in place with Shell that affords our balance sheet significant protection from the movement in wholesale energy prices and provides, in conjunction with the funds raised in June, the working capital needed for the business to grow.
New Green Initiatives
The Company announces today that we are increasing our purchase of renewable electricity and will shortly transition all our energy customers to a 50% renewable electricity mix at no additional cost. With this achievement, Flow Energy will offer one of the highest proportions of renewable electricity for a standard electricity product in the market. Customers will also be able to upgrade to a new Flow Green 100% renewable electricity tariff and a carbon offset gas tariff for a small additional premium. Flow Energy will aim to be amongst the market leaders in renewable electricity offers that provide excellent value to our customers and increase the uptake of green tariffs.
Higher Value Growth
Our growth was slower in the first half of 2017 versus the first half of 2016 due to constraints on our balance sheet which were eliminated with the successful fundraise. Our first focus post the refinancing was to retain and renew existing customers with underlying margins of at least 10% based on current cost projections. The Board is now focused on profitable growth and our current energy customer base stands at circa 260,000 customer fuel accounts.
Our new customer acquisition strategy is to develop and use a range of direct sales channels that can deliver customers with a higher Lifetime Value. Our goal is to diversify away from our past reliance on the price comparison websites to acquire new customers, instead using direct channels that we believe will result in better margins and lower churn. We have successfully launched a direct sales operation and have already driven acquisition costs to below the commissions paid to price comparison websites while still offering excellent value to our customers. We believe taking the time to develop these new direct sales channels will result in a slower but more sustainable and profitable sales ramp with lower customer acquisition costs and enhanced retention. While we are focused on attracting new customers with higher Lifetime Values, we are also focused on renewing existing customers as their current tariffs expire. Along with other energy suppliers, we recently increased the price of our Standard Variable Tariff, which is still competitive with other medium and large suppliers.
Overall, we believe our strategy will significantly increase the Lifetime Value of each of our customers, improving our margins and allowing us to accelerate the drive towards profitability.
Retention
A key variable increasing the Lifetime Value of each customer is the length of time we retain them.
We grew energy customer fuel accounts by 120% in the first half of 2016 using a range of very competitive offers which has allowed the business to achieve increased scale. We continued to drive customer acquisition in the first half of 2017. However, as we annualised our promotional activity from 2016 and because wholesale energy prices had increased, some of our customers experienced significant price rises as their older, lower priced tariffs expired. Therefore, our churn was higher in the first half of 2017 than it had been historically, which reduced our growth. However, our retention rate has now returned to the expected range and we continue to invest in the engagement and retention of our customers through strong communications and outstanding service.
Reducing cost to serve
Reducing our cost to serve KPI is a key component of our drive to profitability. We have made good progress with some key early wins. Many of the costs of running an energy business cannot be influenced - wholesale energy prices, transmission costs, and the Government's environmental and consumer schemes. This means that reducing the costs of servicing each customer, as the key element of our cost base that we can influence, is vital. We have outsourced some simple back office functions to reduce costs, have launched a new online customer portal to further increase the proportion of customers who self-serve, and are enhancing our IT systems to automate more customer service processes. We employ a continuous improvement approach to process development and every member of our team is focused on finding efficiencies. We aim to drive down our costs, also taking advantage of economies of scale as we grow. We have strengthened our senior management team with the recent appointment of a Chief Information Officer to drive data and technology change.
Flow Home Services
Flow Home Services cross sells additional energy products and services which we believe will further increase the Lifetime Value of customers, enhance retention, and build our brand. Flow Home Services currently offers boilers, solar panels and smart thermostats by referring our customers to third party installers and providers. We will continue to add further products and services to assist our customers in achieving a modern, efficient, connected home.
Flow Home Services employs a light-touch strategy with a small internal team working with carefully-selected installation partners to deliver energy products and services. This allows the Group to generate revenue while adding only a limited amount to our cost base.
We believe that offering more than energy to our customers has two key benefits - enhancing revenue per customer and positively impacting retention. We believe that customers enjoying the benefits of additional products will be more likely to stay with Flow Energy for their home energy, increasing their Lifetime Value.
The marketplace
The energy supply market continues to be a very competitive environment but also continues to offer significant opportunity. New, smaller energy suppliers have entered the market and the Big Six suppliers continue to lose customers - according to Cornwall Insight, the Big Six share of the domestic energy supply market fell from 98% in 2013 to 84% in 2016 and, by April 2017, to 82%. We believe Flow Energy has a well-funded energy business plan and the people, systems and infrastructure in place to continue to grow sustainably, achieve profitability, and build significant value for shareholders.
MicroCHP
The Group has significantly downsized our Products business in line with our strategic focus on the energy supply business. The microCHP business does not now represent a material cost to the Group. A very small team is continuing to work on a limited basis with our European partner, Engie, to potentially develop our microCHP boiler for the European market. Concurrently, we are finalising strategic options for our microCHP technology and will report on the conclusion of this review in Q1 2018.
Board remuneration
As previously communicated, Tony Stiff, Chief Executive, David Grundy and John Johnson, both Non-Executive directors, have agreed to take a proportion of their salary or fee in the form of Flowgroup ordinary shares.
Additionally, the non-executive directors have agreed a reduction in fees, effective immediately. This represents an annual aggregate saving of approximately 50%, totalling GBP110,000.
Combined the above represents a cash cost saving to the Group of approximately GBP190,000 per year.
Outlook
We believe that we have created a firm foundation from which to drive growth and acquire new customers moving into the winter period. Our goal is to build a profitable energy supply business and we believe we have the resources and people in place to deliver that goal. Our market is large and valuable and undergoing significant change as challengers like Flow Energy attract customers by offering better value and better service. By balancing growth with sustainable prices and a tight control of costs, we believe we can build a profitable energy business and deliver significant value to shareholders.
As we continue to deliver on our strategy through 2018, we will engage regularly with investors, analysts and the market.
Unaudited Group Income Statement
Hot Features
Premium
Unaudited Audited Audited
Unaudited 6 months to Year to 31 Year to 31
6 months to 30 June December December Audited
30 June 2017 2017 Unaudited 2016 2016 Year to 31
Before Exceptional 6 months to Unaudited Before Exceptional December
exceptional items (Note 30 June 2017 6 months to exceptional items (Note 2016
items 4) Total 30 June 2016 items 4) Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- ---- ------------ ----------- ------------ ------------ ------------ ------------ ------------
Revenue 3 71,816 - 71,816 41,841 98,796 - 98,796
Cost of sales (67,991) - (67,991) (36,732) (91,732) (3,277) (95,009)
--------------- ---- ------------ ----------- ------------ ------------ ------------ ------------ ------------
Gross profit 3,825 - 3,825 5,109 7,064 (3,277) 3,787
Administrative
expenses (14,614) (1,975) (16,589) (13,107) (30,612) (18,823) (49,435)
--------------- ---- ------------ ----------- ------------ ------------ ------------ ------------ ------------
Operating loss 3 (10,789) (1,975) (12,764) (7,998) (23,548) (22,100) (45,648)
Net finance
costs (864) (46) (119)
--------------- ---- ------------ ----------- ------------ ------------ ------------ ------------ ------------
Loss before
income tax (13,628) (8,044) (45,767)
Income tax - - 1,129
--------------- ---- ------------ ----------- ------------ ------------ ------------ ------------ ------------
Loss for the
financial
period / year (13,628) (8,044) (44,638)
--------------- ---- ------------ ----------- ------------ ------------ ------------ ------------ ------------
Attributable
to:
Equity holders
of the Company (13,628) (8,044) (44,638)
--------------- ---- ------------ ----------- ------------ ------------ ------------ ------------ ------------
Basic and
diluted loss
per share 5 (3.19p) (2.53p) (5.31p)
--------------- ---- ------------ ----------- ------------ ------------ ------------ ------------ ------------
The Group has no items of other comprehensive income in any period above and consequently no statement of other comprehensive income has been presented.
The notes are an integral part of these Unaudited Group Interim Financial Statements
Unaudited Group Statement of Financial Position
Unaudited as at 30 June Unaudited as at 30 June Audited as at 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
---------------------------- --------------------------- --------------------------- ---------------------------
Assets
Non-current assets
Intangible assets 1,812 19,738 1,973
Property, plant and equipment 619 581 658
----------------------------- --------------------------- --------------------------- ---------------------------
2,431 20,319 2,631
---------------------------- --------------------------- --------------------------- ---------------------------
Current assets
Inventories 398 1,268 495
Trade and other receivables 24,322 15,308 20,631
Current tax receivable 1,231 1,075 1,231
Cash and cash equivalents 16,155 11,389 5,850
----------------------------- --------------------------- --------------------------- ---------------------------
42,106 29,040 28,207
---------------------------- --------------------------- --------------------------- ---------------------------
44,537 49,359 30,838
---------------------------- --------------------------- --------------------------- ---------------------------
Liabilities
Non-current liabilities
Borrowings 16,644 2,004 2,182
Provisions 232 - -
----------------------------- --------------------------- --------------------------- ---------------------------
16,876 2,004 2,182
---------------------------- --------------------------- --------------------------- ---------------------------
Current liabilities
Trade and other payables 42,951 25,765 43,402
Borrowings - 200 -
Provisions 1,743 - -
----------------------------- --------------------------- --------------------------- ---------------------------
44,694 25,965 43,402
---------------------------- --------------------------- --------------------------- ---------------------------
Total liabilities 61,570 27,969 45,584
----------------------------- --------------------------- --------------------------- ---------------------------
Equity
Capital and reserves
attributable to equity
holders of the Company
Share capital 16,983 15,876 15,876
Share premium account 67,981 59,238 59,238
Accumulated losses (106,256) (56,034) (92,628)
Reverse acquisition reserve (821) (821) (821)
Other reserves 5,080 3,131 3,589
----------------------------- --------------------------- --------------------------- ---------------------------
Total shareholders' equity (17,033) 21,390 (14,746)
----------------------------- --------------------------- --------------------------- ---------------------------
Total equity and liabilities 44,537 49,359 30,838
----------------------------- --------------------------- --------------------------- ---------------------------
The notes are an integral part of these Unaudited Group Interim Financial Statements.
Unaudited Group Statement of Changes in Equity
Reverse Total
Share Share Accumulated acquisition Other shareholders'
capital premium losses reserve reserves equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ --------- --------- ------------ ------------- ----------- ---------------
Balance at 1 January
2016 15,876 59,238 (47,990) (821) 2,686 28,989
Share based payments - - - - 445 445
------------------------ --------- ---------
Transactions with
owners - - - - 445 445
Loss for the financial
period - - (8,044) - - (8,044)
------------------------ --------- --------- ------------ ------------- ----------- ---------------
Balance at 30 June
2016 15,876 59,238 (56,034) (821) 3,131 21,390
Share based payments - - - - 458 458
------------------------ --------- --------- ------------ ------------- ----------- ---------------
Transactions with
owners - - - - 458 458
Loss for the financial
period - - (36,594) - - (36,594)
------------------------ --------- --------- ------------ ------------- ----------- ---------------
Balance at 31 December
2016 15,876 59,238 (92,628) (821) 3,589 (14,746)
Proceeds from shares
issued 1,107 9,954 - - - 11,061
Share issue costs - (1,211) - - - (1,211)
Issue of convertible
unsecured loan notes - - - - 1,038 1,038
Share based payments - - - - 453 453
------------------------ --------- --------- ------------ ------------- ----------- ---------------
Transactions with
owners 1,107 8,743 - - 1,491 11,341
Loss for the financial
period - - (13,628) - - (13,628)
------------------------ --------- --------- ------------ ------------- ----------- ---------------
Balance at 30 June
2017 16,983 67,981 (106,256) (821) 5,080 (17,033)
------------------------ --------- --------- ------------ ------------- ----------- ---------------
The notes are an integral part of these Unaudited Group Interim Financial Statements.
Unaudited Group Statement of Cash Flows
Unaudited Audited
Unaudited 6 months to 6 months to Year to
30 June 2017 30 June 2016 31 December 2016
Note GBP'000 GBP'000 GBP'000
------------------------------------------------------- ---- --------------------- ------------- -----------------
Cash flows from operating activities
Cash consumed by operations 6 (13,363) (6,108) (6,839)
Cash flows from investing activities
Expenditure on intangible assets (1,509) (966) (5,524)
Purchase of property, plant and equipment (173) (388) (644)
Interest received - 7 13
------------------------------------------------------- ---- --------------------- ------------- -----------------
Net cash used in investing activities (1,682) (1,347) (6,155)
Cash flows from financing activities
Net proceeds from the issue of ordinary shares 9,850 - -
Issue of convertible unsecured loan notes 15,500 - -
------------------------------------------------------- ---- --------------------- ------------- -----------------
Net cash generated from financing activities 25,350 - -
Net (decrease) / increase in cash and cash equivalents 10,305 (7,455) (12,994)
Cash and cash equivalents at beginning of period 5,850 18,844 18,844
------------------------------------------------------- ---- --------------------- ------------- -----------------
Cash and cash equivalents at end of period 16,155 11,389 5,850
------------------------------------------------------- ---- --------------------- ------------- -----------------
The notes are an integral part of these Unaudited Group Interim Financial Statements.
Notes to the Unaudited Group Interim Financial Statements
1 Nature of operations and general information
Flowgroup plc ("the Company") and its subsidiaries (together "the Group") supply energy and provide a range of innovative energy technologies and services. Our businesses are:
-- Flow Energy - energy supply and services
-- Flow Products - smart energy solutions and microCHP energy
generation
-- Flow Battery - compressed air back-up for the protection
of essential systems
Flowgroup plc is the Group's ultimate parent company and is incorporated in England and Wales. The address of the registered office is Castlefield House, Liverpool Road, Castlefield, Manchester M3 4SB. The Group's principal place of business is North Kiln, Felaw Maltings, 46 Felaw Street, Ipswich, IP2 8PN. Flowgroup plc's shares are quoted on the AIM Market of the London Stock Exchange.
Flowgroup plc's Unaudited Group Interim Financial Statements are presented in pounds sterling (GBP).
2 Basis of preparation and accounting policies
These Unaudited Group Interim Financial Statements are for the six months ended 30 June 2017. They have not been prepared in accordance with IAS 34, Interim Financial Reporting. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the Group Financial Statements for the year ended 31 December 2016.
The financial information set out in these Unaudited Group Interim Financial Statements does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group Statement of Financial Position as at 31 December 2016 and the Group Income Statement, Group Statement of Changes in Equity, Group Statement of Cash Flows and associated notes for the year then ended have been extracted from the Group's Financial Statements as at 31 December 2016 which have been delivered to the Registrar of Companies. The auditors' report on these Financial Statements was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498(2) or section 498(3) of the Companies Act 2006.
The Unaudited Group Interim Financial Statements for the six months ended 30 June 2017 have not been audited or reviewed in accordance with International Standard on Review Engagement 2410 issued by the Auditing Practices Board.
The Unaudited Group Interim Financial Statements have been prepared under the historical cost convention, except that they have been modified to include the revaluation of certain liabilities at fair value through profit and loss.
These Unaudited Group Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 December 2016 which have been applied consistently throughout the Group.
The Unaudited Group Interim Financial Statements have been approved by the Board of Directors on 18 September 2017.
Going concern
The directors have produced business forecasts which indicate that the Group has sufficient resources to operate for at least twelve months from the date of approving the Unaudited Group Interim Financial Statements.
Accordingly, the Directors continue to adopt the going concern basis in preparing the Unaudited Group Interim Financial Statements.
3 Segmental results
The segment results are as follows:
Unaudited Audited
Unaudited 6 months Year to
6 months to to 31 December
30 June 2017 30 June 2016 2016
GBP'000 GBP'000 GBP'000
--------------------------------- --------------- -------------- -------------
Revenue
Flow Products 110 87 349
Flow Battery - 14 47
Flow Energy 71,706 41,740 98,400
71,816 41,841 98,796
-------------- -------------- -------------
Operating Loss
Flow Products 2,519 5,715 14,413
Flow Battery 1 8 (1)
Flow Energy 5,886 522 7,583
-------------- -------------- -------------
8,406 6,245 21,995
Unallocated costs 2,383 2,443 4,533
Exceptional items not allocated 1,975 - 18,823
Capitalisation of development
costs - (690) 297
-------------- -------------- -------------
12,764 7,998 45,648
---------------------------------- -------------- -------------- -------------
4 Exceptional items
Unaudited
6 months Unaudited Audited
to 6 months Year to 31
30 June to December
2017 30 June 2016 2016
GBP'000 GBP'000 GBP'000
---------------------------------- ---------- -------------- ------------
Writedown of inventories - - 3,277
Adjustments to recognised assets
and liabilities 165 - 648
Impairment of intangible assets - - 18,175
Reorganisation costs 1,810 - -
---------- -------------- ------------
1,975 - 22,100
---------------------------------- ---------- -------------- ------------
Exceptional items recognised during the year ended 31 December 2016 arise from the scaling back of the operations of the Flow Products division and comprise reductions in the balance sheet value of inventories and intangible assets together with adjustments to the carrying values of directly related prepayments and liabilities.
Further reorganisation costs comprising redundancy, empty property and contract settlements have been recognised during the 6 months ended 30 June 2017.
5 Loss per ordinary share
The calculation of the loss per ordinary share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post-tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares. As the diluted loss per share is less than the basic loss per share the impact of the share option awards has been ignored
Unaudited Unaudited Audited
6 months 6 months Year to 31
to to December
30 June 2017 30 June 2016 2016
------------------------------- -------------- -------------- --------------
Loss for the period (GBP'000) (13,628) (8,044) (44,638)
Weighted average number of
ordinary shares in issue 427,523,470 317,529,078 317,529,078
Basic and diluted loss per
share (pence) (3.19) (2.53) (14.06)
------------------------------- -------------- -------------- --------------
6 Cash consumed by operations
Unaudited Unaudited
6 months to 6 months to Audited
30 June 2017 30 June 2016 Year to 31 December 2016
GBP'000 GBP'000 GBP'000
------------------------------------------------------ ------------- ------------- -------------------------
Cash flows
Loss before income tax (13,628) (8,044) (45,767)
Adjustments for:
Exceptional items 1,975 - 22,100
Depreciation 212 188 367
Amortisation 1,670 455 4,603
Finance Income - (7) (13)
Finance costs - 22 -
Share based payments 453 445 903
Tax received - - 973
Movements in working capital
Decrease / (Increase) in inventories 97 (795) (3,299)
Increase in trade and other receivables (3,691) (7,939) (13,262)
(Decrease) / Increase in trade and other payables (451) 9,567 26,556
------------------------------------------------------ ------------- ------------- -------------------------
Total cash consumed by operations (13,363) (6,108) (6,839)
------------------------------------------------------ ------------- ------------- -------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAKNPFFNXEFF
(END) Dow Jones Newswires
September 19, 2017 02:00 ET (06:00 GMT)
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