First Day of Dealings (1315F)
June 12 2012 - 1:00AM
UK Regulatory
TIDMUTW
RNS Number : 1315F
Utilitywise plc
12 June 2012
Utilitywise plc
("Utilitywise" or the "Company")
First Day of Dealings
Utilitywise plc, a leading independent utility cost management
consultancy based in South Shields, Tyne and Wear, is pleased to
announce the admission today of its ordinary shares ("Ordinary
Shares") to trading on the AIM market of the London Stock Exchange
("AIM") and the commencement of dealings in its ordinary shares
under the ticker UTW ("Admission").
Utilitywise has raised GBP6.86 million before expenses through a
placing of 11,425,842 new Ordinary Shares at a placing price of 60p
per Ordinary Share ("Placing"). At the Placing price, Utilitywise
has a market capitalisation of GBP36.9 million.
finnCap are Nominated Adviser and Broker to the Company and Hub
Capital Partners are financial advisers.
About Utilitywise
The Company was founded in 2006 and has since established itself
as a leader in energy procurement and energy management services.
It has established trading relationships with a number of major UK
energy suppliers and provides services to its customers designed to
assist them in achieving:
-- better value from their energy contracts
-- reduced energy consumption
-- lower carbon footprint
Utilitywise has achieved strong growth to date. The Directors
believe that this growth has been achieved as a result of its focus
on three key areas:
-- investment in IT infrastructure
-- focus on business process management
-- development of its energy management products and services
Utilitywise operates from headquarters in South Shields and
currently employs around 230 staff across its operations.
Use of proceeds
The proceeds of the placing will provide the Company with the
opportunity to grow further organically, particularly through
increasing headcount and in further developing the Company's energy
management products and services. In addition, the Directors have
identified a number of potential acquisition targets which they
believe would offer either increased volume in the energy
procurement business or good synergies with the Company's products
and services.
The Directors also intend to continue to explore opportunities
to expand in overseas markets, with an initial focus on France and
Germany.
Current Trading
Utilitywise has grown strongly over the last three years and the
trend is continuing. In the six months to 31 January 2012, revenues
were 52 per cent ahead of the same period in 2011. The Directors
are continuing to see strong growth in the year to date and look
forward to the future with confidence.
Geoff Thompson, Chief Executive, of Utilitywise, commented:
"We are delighted to have received such strong support and
welcome some major institutions as shareholders in our Company.
Since 2006 we have helped thousands of UK businesses to not only
find the best energy tariff to suit them but also to help them
manage their energy consumption much more effectively and lower
their carbon footprint.
"We have invested heavily over the years in our proprietary IT
infrastructure and unique products which highlight energy
inefficiencies and enable our customers to make significant savings
on their energy spend. The additional funds that we have raised
will allow us to increase our headcount and thereby reach a greater
audience, consider complimentary acquisitions and also look to
certain European markets where recent deregulation presents real
opportunities.
"This is a very exciting time for Utilitywise. With strong
revenue visibility, a unique product offering backed up by our own
proprietary IT and our outstanding employees, the Board look to the
future with great confidence."
For further information:
Utilitywise 0870 626 0559
Geoff Thompson, CEO
Andrew Richardson, CFO
Adam Thompson, COO
finnCap (NOMAD and broker) 0207 220 0500
Sarah Wharry / Charlotte Stranner / Henrik Persson
Corporate Finance
Simon Johnson
Corporate Broking
Newgate Threadneedle 020 7653 9850
Josh Royston / John Coles / Hilary Millar
Hub Capital Partners 020 7535 1710
Stephen Bourne
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBUGDLIXBBGDB
Utilitywise (LSE:UTW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Utilitywise (LSE:UTW)
Historical Stock Chart
From Jul 2023 to Jul 2024