THE new chief executive of green technology firm VPhase says the company is on the brink of success, despite a disappointing half-year.

Rick Smith, who was named as chief executive of the Capenhurst group yesterday, said he expected VPhase to have signed major agreements with utilities companies within months.

VPhase’s technology helps householders save power by keeping the voltage in their homes at a steady level. The company is in talks with utilities firms that could eventually see its units installed in hundreds of thousands of UK homes.

Yesterday, it said turnover for the six months to June stood at £121,000 – double the figure of a year earlier, but below hopes. Its pre-tax loss stood at £727,000, up from £412,000 for the same period last year.

Mr Smith, who succeeds Dr Lee Juby as chief executive, said that since June the company had seen strong interest in its products.

He said: “I really believe this business is right at the tipping point. It’s ready to go. What it needs is a push in the right direction. That’s all about getting the pricing strategy, promotions and communications right.

“I would be disappointed if we hadn’t managed to announce (a utilities deal) by the end of the year. But I can’t guarantee it.”

Chairman Vanda Murray said: “I would say this is a compelling proposition for a consumer to fit this product and not change their lifestyle but take their electricity bill down.”

VPhase’s parent company Energetix also issued its results yesterday. Turnover rose slightly, from £120,000 to £130,000, though losses widened from £2m to £2.5m.

Energetix’s Genlec boilers generate electricity while they operate, while its Pnu Power technology uses compressed air turbines to protect electrical installations from power cuts.

Energetix chief executive Adrian Hutchings said: “While the rate of progress has been frustrating, some major steps have been achieved on the route to having our products accepted by our customers.”