Utilitywise plc Trading Update (8110E)
February 13 2015 - 1:00AM
UK Regulatory
TIDMUTW
RNS Number : 8110E
Utilitywise plc
13 February 2015
Utilitywise plc
("Utilitywise" or the "Company")
Trading Update
Utilitywise plc (AIM:UTW), the leading independent utility cost
management consultancy, today provides an update on trading for the
six months ended 31 January 2015.
The Board is pleased to confirm that the Company has performed
in line with management expectations during the period.
As a result of the strong growth in the Company's customer base
since IPO and following the introduction of new, longer term energy
supply contracts by several energy suppliers, an opportunity arose
to strengthen customer relationships whilst securing revenue,
profit and cash flow over the longer term for the Company.
Utilitywise sought to capitalise on the opportunity that this
presented and temporarily switched focus onto extending and
renewing energy contracts for its existing customers during the
period, continuing a trend which commenced in the second half of
FY2013/14. The introduction of the longer term energy supply
contracts allowed Utilitywise's customers to secure further price
certainty and take advantage of the recent falls in energy
prices.
Revenues from extensions of existing customer contracts are
recognised as they are secured, not added to the new customer
pipeline. As would therefore be anticipated, the Group revenue
pipeline was lower as at 31 January 2015 and stood at GBP23.5
million from GBP28.2 million as at 31 July 2014 and GBP23.8 million
as at 31 January 2014. In the second half, it is expected that the
revenue mix will revert to more normal patterns. The change in
revenue mix did not impact cash, revenue or profitability in the
first half.
Geoff Thompson, Chief Executive of Utilitywise, commented:
"During the period we seized a unique opportunity to lock in
significant future revenues, profits and cashflows whilst providing
our customers with long term price security. Going forward, our
efforts will revert to focusing on the acquisition of new customers
in our highly fragmented target markets. We expect to report a
significant increase in both revenue and profits for the full year
in line with previous expectations."
Notice of Results
Utilitywise will announce its interim results for the six months
ended 31 January 2015 on Tuesday, 21st April 2015.
For further information please contact:
Utilitywise PLC 0870 626 0559
Geoff Thompson (CEO)
Andrew Richardson (Deputy CEO)
Jon Kempster (CFO)
finnCap (NOMAD and broker) 020 7220 0500
Matt Goode / Charlotte Stranner
(Corporate Finance)
Simon Johnson (Corporate Broking)
Redleaf Communications 020 7382 4730
Rebecca Sanders-Hewett
Emma Kane
About Utilitywise
Utilitywise is a leading independent utility cost management
consultancy based in North Tyneside. The Group 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 out of their energy contracts, reduced
energy consumption and lower carbon footprint.
Businesses large and small rely on Utilitywise for their energy
management needs. Clients range in size from single site SME's to
multinationals with thousands of sites and cover the whole of the
UK. In total, Utilitywise has over 22,000 customers and manages an
overall energy consumption of approaching 20 terra watt hours per
annum.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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