Flowgroup Unaware Why Share Price Has Declined Since Boiler Launch

LONDON (Alliance News) - Flowgroup PLC Wednesday said it has noted the company's share price has plummeted since it launched its Flow boiler on Monday, but said it is not aware of any reason for the decline.

Flowgroup shares were down 9% to 33.90 pence per share on Wednesday morning. The company's share price opened at 43.956 pence per share on Monday morning.

"The board notes the decline in the company's share price since it announced the launch of the Flow boiler on January 26, and is not aware of any reason causing this," it said in a statement.

The company announced the launch date of the new boiler on January 9, and admitted that the launch on January 26 was slightly later than originally planned.

"The initial few days of the launch of the Flow boiler have gone to plan and the company is pleased with the response so far both from consumers who had previously expressed interest in the product and new prospects," said Flowgroup.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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