Utilitywise plc Trading Update (2613P)
February 17 2016 - 2:00AM
UK Regulatory
TIDMUTW
RNS Number : 2613P
Utilitywise plc
17 February 2016
17 February 2016
Utilitywise plc
("Utilitywise" or the "Group")
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 2016.
The Board is pleased to confirm that the Group has performed in
line with management expectations during the period, with continued
revenue growth in both UK divisions as well as its European
operation.
Significant momentum has been achieved, particularly in our
Enterprise division, with gross order book additions totalling
GBP40m in the period. The contract 'go live' rate improved in H1
meaning the Group revenue pipeline was GBP24.7m as at 31 January
2016, slightly lower than at the year end (GBP23.5 million at 31
January 2015 and GBP26.2m at 31 July 2015).
Energy Consultant headcount at 31 January 2016 was 625 (449 at
31 January 2015 and 610 at 31 July 2015). Headcount growth has been
slightly slower than expected but is expected to increase in
H2.
Customer numbers as at 31 January 2016 were 29,288 compared to
22,048 as at 31 January 2015 (25,976 at 31 July 2015).
Net debt at 31 January 2016 was GBP10.4m (net cash of GBP1.6m at
31 January 2015, net debt of GBP6.7m at 31 July 2015), in line with
management expectations
Geoff Thompson, Chief Executive of Utilitywise, commented:
"We have made significant progress in the period and are well
advanced in building our comprehensive energy solutions and
services capability around our core procurement offering. In the
second half, we will further increase Energy Consultant numbers and
focus on productivity initiatives to further support revenue
growth.
"The rate of new customer acquisition has increased compared to
extensions and renewals in line with management expectations. We
also continue to make progress in aligning supplier commercial
terms to improve cash conversion.
"As a result of the significant investment that we are making in
the business, we are pleased to be making real progress with a
number of our strategic initiatives and expect to report both
revenue and profits for the full year in line with management
expectations."
Notice of Results
Utilitywise will announce its interim results for the six months
ended 31 January 2016 on Tuesday 19th April 2016.
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/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.29,000 UK & I customers.
This information is provided by RNS
The company news service from the London Stock Exchange
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