Decrease/(Increase)
in inventories 12,660 (38,140) (17,158)
(Decrease)/Increase
in trade and other
payables (3,858,347) 205,404 8,296,666
(Decrease)/Increase
in provisions (120,465) - 1,193,895
------------------- ------------------ ---------------------
(11,288,521) (6,676,914) (2,487,994)
Cash generated/(used)
in operations (3,418,899) (1,277,106) 11,615,429
------------------- ------------------ ---------------------
Income taxes paid (172,392) (1,111,241) (1,910,373)
Net cash flows from
operating activities (3,591,291) (2,388,347) 9,705,056
------------------- ------------------ ---------------------
Investing activities
Purchase of property,
plant and equipment (1,644,713) (292,204) (630,583)
Purchase of intangibles (21,398) (13,587) (42,313)
Acquisition of subsidiary,
net of cash acquired - - (599,688)
Deferred consideration
paid on acquisition
of subsidiary (430,474) (192,500) (192,500)
Finance income 17,446 4,453 12,603
Net cash used in investing
activities (2,079,139) (493,838) (1,452,481)
------------------- ------------------ ---------------------
Financing activities
Issue of shares 260,621 200,000 200,000
Dividends paid (2,071,887) (1,304,005) (2,158,341)
Loans repaid/ advances - - (1,252)
Loans received - - 1,000,000
Finance expense (70,041) (174,582) (476,393)
------------------ -------------------------- ------------------
Net cash raised/ used
in financing activities (1,881,307) (1,278,587) (1,435,986)
------------------ -------------------------- ------------------
Net increase/ decrease
in cash and cash equivalents (7,551,737) (4,160,772) 6,816,589
Exchange losses on
cash and cash equivalents (24,005) - (8,132)
Cash and cash equivalents
at beginning of period 15,823,137 9,014,680 9,014,680
------------------ -------------------------- ------------------
Cash and cash equivalents
at end of period 8,247,395 4,853,908 15,823,137
------------------ -------------------------- ------------------
Notes
1. Accounting policies
The condensed consolidated interim financial information should
be read in conjunction with the annual financial statements for the
year ended 31 July 2014, which have been prepared in accordance
with International Financial Reporting Standards ("IFRS") as
adopted by the European Union.
The interim financial information for each of the six month
periods ended 31 January 2015 and 31 January 2014 has not been
audited and does not constitute statutory accounts within the
meaning of Section 435 of the Companies Act 2006. The information
for the year ended 31 July 2014 does not constitute statutory
accounts within the meaning of Section 435 of the Companies Act
2006, but is based on the statutory financial statements for that
year, on which the auditors have reported. Their audit report was
unqualified, did not include references to any matters to which the
auditors drew attention by way of emphasis without qualifying their
report and did not contain a statement under Section 498 (2) or (3)
Companies Act 2006.
During the preparation of the financial statements for the year
ended 31 July 2014, management considered the loss of the Initial
Recognition Exemption on the property acquired as part of the
acquisition of Energy Information Centre Limited. This resulted in
the tax base of this property reducing to GBPnil. A deferred tax
liability of GBP584,651 should have been recognised, with a
corresponding increase in goodwill. Management considered it
appropriate to reflect this as a prior period adjustment to the
financial position and results of 2013 and the period ending 31
January 2014. There was no impact on actual cash flows or net
assets.
The principle accounting policies have been applied consistently
to all years and are set out below.
2. Basis of preparation
Utilitywise Plc is incorporated and domiciled in the United
Kingdom.
The accounts for the periods have been prepared in accordance
with International Accounting Standard 34 "Interim Financial
Reporting" and the accounting policies are consistent with those of
the annual financial statements for the year ended 31 July 2014 and
those envisaged for the financial statements for the year ending 31
July 2015. The Group has not adopted any standards or
interpretation in advance of the required implementation dates. It
is not anticipated that the adoption in the future of the new or
revised standards or interpretations that have been issued by the
International Accounting Standards Board will have a material
impact on the Group's earnings or shareholders' funds.
The financial statements have been prepared on a going concern
and historical cost basis as stated in the accounting policies.
There have been no changes in accounting policies. All policies are
in line with the year ended 31 July 2014 and we do not anticipate
any further changes for the year ended 31 July 2015.
3. Segment information
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision maker has been identified as the
management team including the Chief Executive Officer, Deputy Chief
Executive Officer and Chief Financial Officer. The Group reports to
the Board under both UK GAAP and IFRS. Underlying accounting
information is prepared under UK GAAP and the below adjustments to
take results to IFRS are made for the purpose of reporting to the
Board and external reporting.
During the current period the Group serviced both Corporate and
Enterprise businesses. The Board considers that the services were
offered form two distinct segments in the current period. These
distinct operating segments have arisen from a restructure in the
prior year of previously acquired businesses. Given the
reorganisation in the prior year the Board have undertaken to
restate the corresponding items of the segment information
below.
Operating segments are determined based on the internal
reporting information and management structure within the Group.
Information regarding the results of the reportable segment is
included below. Performance is based on segment operating profit or
loss before share-based payment charges, depreciation, amortisation
and acquisition costs, as reported in the internal management
reports that are reviewed by the CODM. The segment operating profit
or loss is used to measure performance. Revenues disclosed below
represent revenues to external customers.
The Enterprise Division derives its revenues from energy
procurement by negotiating rates with energy suppliers for small
and medium sized business customers throughout the UK, Republic of
Ireland and certain European markets. The Corporate Division
derives its revenues from energy procurement of larger industrial
and commercial customers, providing an account care service and
offering a variety of utility management products and services
designed to assist customers manage their energy consumption.
Six months Six months Year ended
ended ended 31 July
31 January 31 January 2014
2015 2014
GBP GBP GBP
Revenue
Enterprise (local GAAP) 25,063,199 16,715,464 40,064,832
Corporate (local GAAP) 6,302,468 4,205,246 9,859,510
Intersegment revenue (675,590) (111,557) (1,252,367)
Accrued Revenue (GAAP
adjustment) (6,802) 379,711 390,627
Discounting of cash
flows (GAAP adjustment) (797,022) (209,223) (420,747)
Total Group revenue 29,886,253 20,979,641 48,641,855
============ ============ ============
Enterprise Corporate
Six months ended 31
January 2015 GBP GBP
Segment profit 5,595,174 1,589,158
Finance income 13,399 4,047
Finance expense (261,211) (186)
Depreciation (235,968) (144,870)
Amortisation (4,051) (5,520)
Profit before tax (local
GAAP) 5,107,343 1,442,629
=========== ==========
Enterprise Corporate
Six months ended 31
January 2014 GBP GBP
Segment profit 3,590,252 687,893
Finance income 4,453 -
Finance expense (174,582) -
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