Boiler maker blames 拢7.2m drop in turnover on switch to high-efficiency boilers.
Boiler maker Baxi Holdings made a loss of over 拢13m after tax in the first nine months of the year.
Figures released on Friday showed the company increased its turnover by 拢122.8m compared with the same period in 2004, but the cost of sales, distribution and administration went up by over 拢120m. It has companies across Europe, including France, Germany, the UK and Italy.
The firm blamed its 拢7.2m drop in UK turnover on the switch from standard efficiency to high efficiency boilers, where Baxi historically has a weaker market share. It also said an 11.5% drop in the UK boiler market overall had an impact on turnover.
Its turnover in other European countries went up by between 拢1.4m and 拢8.2m.
In its statement, the company also said it was cooperating with an investigation into anti competitive practices in the radiator industry in France and Germany, which covered several manufacturers.
