• Turnover increased from £0.6m to £8.9m
• Net assets over £3m and debt-free
• Strong operating cashflow
• Over half-a-million Aerofoil sales in the year
• Aerofoils now installed in over 2,500 UK stores
• First nationwide roll-out completed for Sainsbury’s
• Now engaged with over 20 retailers internationally
• New products from Vortex development pipeline
Our client list now includes many of the UK’s largest grocers and retail chains...
The roll-out of Aerofoil and Vortex technology to nearly 1,400 Sainsbury’s stores commenced in February 2018, and completed successfully in March 2019. Other substantial orders followed including from Asda, several Cooperative societies, Boots, SSP and WH Smiths. More recently, M&S and its franchisors commenced a programme to install our technology in some 800 stores. We also launched trials with Tesco and other UK grocers, as well as Walmart in the USA and Canada. In total, Aerofoils are now installed in over 2,500 stores across the UK.
Major roll-out contracts resulted in rapid sales growth...
In the year to 30 November 2018 we sold over 500,000 Aerofoils and recorded turnover of £8.9m.† Our net assets now exceed £3m and we are debt-free, having funded our growth organically and with the support of shareholders. Our financial stability gives us freedom to accelerate our product development pipeline, expand our client base, and finance major roll-out projects from internal resources. With such agility, we can move quickly and our clients can take every confidence in our operational and financial capacity to deliver.
We continued to innovate and enhance our suite of energy-saving technologies...
Approximately 70% of a multi-deck’s energy consumption is influenced by the effectiveness of the air curtain. This has therefore been the focus of our attention, recognising that this is where the major gains in energy efficiency are achieved. On this front, Aerofoils are just one of a suite of energy-saving Vortex technologies that we developed in 2018. All are designed with merchandising a priority: they look great, are easy to install, perform exceptionally well, and have a positive impact on store colleagues and customers.
Our team demonstrated class-leading experience in design, operations and logistics...
We leveraged our technical partnership with Williams Advanced Engineering by adding in-house design and engineering expertise with specific industry relevance. We have also bolstered our project management and logistics capacity, enabling us to deliver major client contracts whilst maintaining hands-on control over the quality of materials and integrity of installations. Through our contracting partners, we now have Aerofoil-trained technicians distributed throughout the UK. This attention to detail enabled us to complete the Sainsbury’s roll-out with flawless results.
Further innovation and growth is planned for 2019...
With our experience in technology innovation and our logistics capability, we have established ourselves as the leader in energy-efficiency solutions for retail refrigeration. 2019 will mark the release of new technology, further growth and wider customer engagement both domestically and internationally. Darren Shapland, Chair of Aerofoil Energy, said “The company succeeded in meeting its 2018 targets, and I would like to thank our shareholders for their loyal support during the development phase and trialling of Aerofoil technology. We have set ambitious growth targets for the business in the coming years and I look forward to reporting positive progress.”
† Based on unaudited accounts to 30 November 2018. Accounts will be lodged with Companies House in due course.