Utilitywise plc Change to payment terms with existing supplier (0353J)
December 15 2015 - 2:00AM
UK Regulatory
TIDMUTW
RNS Number : 0353J
Utilitywise plc
15 December 2015
15 December 2015
Utilitywise plc
("Utilitywise" or the "Group")
Favourable change to payment terms with existing supplier
Utilitywise plc (AIM:UTW), a leading independent utility cost
management consultancy, is pleased to announce an important and
immediate change to its existing payment terms with a second key
energy supplier.
The supplier has agreed to amend its terms such that any future
extension secured on a contract that has not expired receives the
same payment terms as a new customer would, in this case either 75%
or 80% (depending on contract type) of the expected revenue from
the contract falling due on the extension signing and the remainder
at maturity subject to the normal reconciliation process.
Discussions are ongoing with more of our key energy suppliers to
amend payment terms to reflect the changing way that we are doing
business.
Geoff Thompson, Chief Executive of Utilitywise, commented:
"This is a further step forward in getting our commercial terms
for both new contracts and contract extensions harmonized. A key
focus for our business is improving cash conversion and hence this
change of commercial terms is a very positive achievement.
We have more suppliers to target improved terms and will update
the market as and when we are in a position to do so."
For further information:
Utilitywise plc 0330 303 0233
Geoff Thompson (CEO)
Jon Kempster (CFO)
finnCap (NOMAD and broker) 020 7220 0500
Matt Goode/ Grant Bergman (Corporate
Finance)
Simon Johnson (Corporate Broking)
Liberum (Joint broker) 020 3100 2000
Robert Morton/ Steve Pearce
Redleaf Communications 020 7382 4730
Rebecca Sanders-Hewett/ Richard
Gotla/ David Ison/ Susie Hudson
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 c.28,500 UK & I customers.
This information is provided by RNS
The company news service from the London Stock Exchange
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