Utilitywise plc – Year End Trading Update

utilitywise-logoEnergy management consultancy Utilitywise PLC has provided a trading update for its financial year ended 31 July 2014.

The announcement

Revenue and adjusted profit before tax is expected to be in line with market expectations. Net cash balances at 31 July 2014 stood at approximately £9.7 million, comfortably ahead of market expectations, in part as a result of improved commercial terms with a number of energy suppliers.  The Group’s  revenue pipeline, representing revenue secured but yet to be recognised, was £28.2 million as at 31 July 2014 compared to £16.6 million as at 31 July 2013 (31 Jan 2014: £23.8 million).

(Fusion DigiNet – As at 31 January 2014 the Company reported revenues from H1 2013 to H1 2014 of £21m.)

Trading remains strong and the Board is confident in the Group’s ability to deliver continued organic growth. The customer base continues to grow across all business units and the Group’s new business run rate remains in line with management expectations.

 Utilitywise expects to announce its full year results to 31st July 2014, in the final week of October 2014.

Geoff Thompson, CEO of Utilitywise, commented: “We are delighted to provide an update on what has been another period of growth for the business, both organically and through acquisition. The strong trading momentum from the first half of the year has continued into the second half and as a result, we anticipate results to be in line with market expectations which were revised upward at the time of the Group’s interim results. Progress with the strategic scaling of the business has continued as expected and the planned move to our new facility is on schedule for occupancy to commence in October, providing the necessary capacity to grow total Group headcount to 1,400 over the next two years. Additionally, following its acquisition in April, ICON is performing as planned, and the Board remains confident in the Group’s future prospects.”

The company has also announced that it is moving to larger premises at Cobalt Business Park, North Tyneside.

UK, South Shields

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