GREEN technology company VPhase says its strong order book and pipeline of contracts means it has “good prospects of significant sales”.

Reporting its half-year results today, Capenhurst-based VPhase said turnover had increased by 66% to £201,000 – though operating losses had  increased from £728,000 as the company continues to absorb the losses associated with bringing a new product to market.

VPhase has created a device designed to help householders save money by regulating the voltage of the electricity supply that goes into their homes.

During the half-year, VPhase signed: “An important four-year agreement with Procurement for Housing whose members have 3.2m homes under management.”

It added: “This has significant potential for VPhase over the next four years.”

And since the year’s end, VPhase has signed an agreement with Tesco partner Enact Energy, meaning that VPhase products will now be offered on Tesco’s Home Energy Efficiency website.

The company’s chairman Vanda Murray said: “VPhase is now gaining traction across a range of market sectors, and it is encouraging that the company has secured a strong pipeline of contracts, tenders and good prospects of significant sales.

“The board remains confident of continued progress in the medium-term as further orders are confirmed.”

Chief executive Rick Smith said growth in the first half had been slower than he had hoped as the downturn continued to bite. But he said there was “more growth to come”.

He told LDP Business: “We are certainly on track to get this business to where it should be in terms of break even.”