South Shields based energy consultancy, Utilitywise has began trading on AIM. It raised £6.86m gross through a placing of shares at 60p each with institutional investors, giving a market capitalisation of £36.9m. The money will be used to finance further organic growth as well as growth through acquisitions.
In the 12 months ending 31 July 2011 the Company reported a profit before tax of £3.5 million on revenues of £11.7 million. Nominated advisor FinnCap is forecasting £4.1m pre-tax profit in the year to end July 2012, rising to £6.6m in 2012/13.
Utilitywise has enjoyed huge success since it was founded 6 years ago by father and son team Geoff and Adam Thompson. It specialises in business energy procurement and energy management. The Company negotiates rates with energy suppliers on behalf of commercial end-users and offers a range of products and services to help customers manage their energy consumption. Utilitywise clients stretch the length and breadth of the UK.
After the IPO Geoff Thompson retains 56 per cent of the shares, Adam Thompson 16% and Andrew Richardson, FD, 8%.
The business has grown over the past few years, with over 100% growth in turnover in the last year. The Company’s growth has been achieved as a result of its focus on three key elements: its investment in IT infrastructure, its focus on business process management and the development of its energy services offering.
Utilitywise moved into new offices in Market Dock, South Shields in January this year which were officially opened by local MP David Milliband. It currently employs 230 people, making it one of the largest private sector employers in the region and, according to Chief Operating Officer Adam Thompson, its plans don’t stop there: “Tyneside has a real depth of talented individuals and we are delighted to be one of the largest employers in the area. We’ve recently moved to larger offices and dedicated further investment in training and human resources to give our staff the tools they need to succeed.“
UK, South Shields