Boiler maker blames £7.2m drop in turnover on switch to high-efficiency boilers.

Boiler maker Baxi Holdings made a loss of over £13m after tax in the first nine months of the year.

Figures released on Friday showed the company increased its turnover by £122.8m compared with the same period in 2004, but the cost of sales, distribution and administration went up by over £120m. It has companies across Europe, including France, Germany, the UK and Italy.

The firm blamed its £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 £1.4m and £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.