The Kensa Group, the UK’s leading manufacturer and installer of ground source heat pumps, has seen its annual revenues to April 2021 increase by 82% to £25.14m.
The company posted a profit of £0.62m as the group continued to deliver solutions for private householders, self-builders, social landlords and housebuilders and launched a new division targeting installations in the commercial building sector.
Group CEO Simon Lomax said: “The results represent a significant development in the group’s activities and are 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 (RHI).
“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.”
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. The group employs 140 staff nationally having increased headcount by 40 over the past year, supported by investment into a new factory in Cornwall. The company manufactured over 40% of all the ground source heat pumps installed in the UK.
James Standley, managing director of Kensa Heat Pumps, the manufacturing business, added: “Overall Kensa Heat Pumps has seen strong business performance amidst an unprecedented year, with revenues rising to £7m (£4.3m prior year) with a healthy order bank looking forwards. As was the situation for many manufacturers, the 2020-2021 financial year brought significant operational and supply challenges in addition to a spike in demand driven by the end of the Non-Domestic RHI.”