FLOWGROUP PLC (lon:flow)
Flowgroup, A Fascinating Tale For Newer Investors

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Title: Flowgroup, A Fascinating Tale For Newer Investors
Company: FLOW - FLOWGROUP PLC
Share Price Then: 0.31p
Author: Ian Smith
Date: Sun 11 Feb 2018
Comments: More than a few years back I ran into Flowgroup, at that time they were in the retail energy supply market and also developing and installing combined heat and energy boilers.

At first glance they looked exciting, part of their business plan was to use various feed in subsidies to offset the cost of boiler which seemed to make sense but did raise some concerns as these subsidies where always vulnerable, but they had a credible manufacturing plan and partner.

In the retail supply market they had a credible customer base and apparently some good contracts.

Added to this the company goes back to 2007 and every annual report looked so positive.

Yet when I looked into previous year’s accounts I found a history of projects and fund raisings that didn’t fit my profile for a purchase.

The company appears on my bespoke valuation screen as massively underpriced with a current price of 0.31p and a max purchase price of 30p.

Looking at companies in this area is usually something that I only do for a bit of a laugh to see what has gone wrong or maybe there is a bargin out there.

So just out of curiosity I decided to read a copy of the latest trading report, 2016 to see if my concerns had been correct or incorrect.

The annual report seemed to look like all the previous ones I had read, things are looking rosy and don't worry that we raised another £25 million as we lost about £40 million.

My conclusion was if you can't learn anything from the history of this company you are almost certainly either incredibly smart or incredibly stupid!
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