UK: The Kensa Group, the ground source heat pump manufacturer and installer, has recorded an 82% rise in sales to £25.14m for the year to April 30.
With sales to private householders, self-builders, social landlords and housebuilders, as well as launching a new division targeting installations in the commercial building sector, the company produced a profit of £0.62m.
Group CEO Simon Lomax described the results as a significant development in the Group’s activities and “all the more remarkable given the challenges presented by Covid-19 and Brexit”.
“Our employees, clients and supply chain partners also displayed remarkable resourcefulness to complete projects ahead of the closure of certain subsidy schemes, notably the Non-Domestic Renewable Heat Incentive.”
“The Group has substantial cash reserves and is well-placed to continue its growth to complement the government’s emerging heat pump deployment strategies to achieve 600,000 installations a year by 2028,” he added.
Kensa Heat Pumps, the group’s manufacturing business, saw revenues rise over 60% to £7m.
Headquartered in Truro, and with a commercial office in Exeter, the Kensa Group was established in 1999 and is part-owned by Legal and General Capital following an investment in April 2020.