Flowgroup's non-executive chairman has reported that the domestic energy technology developer is "set for a year of good progress" after revenues more than doubled to £33.4m in 2014.
The company, which is based at Capenhurst in Cheshire, posted revenues of £33.4m for the year ending 31 December 2014, up from £13.8m a year earlier.
But the business also generated operating losses of £10m, up from £7.7m in 2013, which it said reflected infrastructure and resource costs to support business growth and commercialisation.
After the period covered by these results, Flowgroup launched its Flow boiler to market and raised £21.3m net in an equity fundraising scheme.
Clare Spottiswoode, non-executive chairman of Flowgroup, 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."