Utilitywise plc to acquire Energy Information Centre Limited for £15.5 million

June 13, 2013 — Fusion DigiNet

utilitywiseUtilitywise plc, a utility cost management consultancy, is to acquire  Energy Information Centre Limited (“EIC”) for a total equity consideration of £15.5 million. Plus they will clear EIC’s mortgage debt.

To fund the transaction, Utilitywise are placing new ordinary shares of 0.1 pence each by finnCap Limited to raise £5 million and a secondary placing of existing Ordinary Shares by finnCap Limited on behalf of certain directors and Hub Capital Partners to raise £17.2 million at a price of 100 pence .

In 2007,on behalf of Euromoney Institutional Investor PLC, Fusion Corporate Partners sold EIC to Broadfern Partners. Then in 2009 Broadfern rebranded as EIC.

Transaction highlights:

Total equity consideration of £15.5 million, to be satisfied by:eic

  • £10.5 million in cash
  • £5 million in new Utilitywise shares
  • In addition, Utilitywise will repay EIC’s existing mortgage debt of £1.94 million
  • Placing of £5 million in new Utilitywise shares to part fund cash consideration. Placing at 100p per share, representing a discount of 6.5% to the closing mid price as at 12 June 2013
  • The consideration represents historic EV/EBITDA* multiple of 6.7x

Geoff Thompson, CEO of Utilitywise, commented: “The acquisition of EIC creates an energy procurement and consultancy firm of real scale and adds further products and expertise to our already impressive portfolio. EIC’s strength lies predominantly in the larger, Industrial & Commercial segment of the market, an area which we had identified as a strategic area of growth, which combined with our market leading position in the SME segment gives us a strong foothold across the market and an excellent platform for growth. Utilising our outstanding proprietary IT and business analysis systems and our combined product range, we believe that we can identify and target a much greater portion of the I&C market, maximise the strength of the EIC brand and, thereby, the return on this investment for our shareholders.

“Since Utilitywise listed on AiM we have carefully added strategic, complementary offerings to our business through the acquisitions of Clouds (energy management) and Aqua Veritas (water consultancy). With the addition of EIC we now have an extremely compelling portfolio of products and services to meet the diverse energy needs of clients of all sizes and the expertise to deliver them. I would like to thank shareholders for their continued support as we continue to look to the future with great confidence.”

A circular will be sent today to shareholders giving notice of a general meeting of Utilitywise to be held on 2 July 2013 at 9.00 a.m. at the offices of finnCap Limited, 60 New Broad Street, London EC2M 1JJ. A copy of the circular can be found on the Company’s website http://www.utilitywise.com.

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Energy Management Transactions from Fusion

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ICIS acquires carbon market analytics specialist Tschach Solutions GmbH

June 7, 2013 — Fusion DigiNet

icisICIS, a global provider of energy market information and a division of Reed Business Information, is to acquire Tschach Solutions GmbH, a specialist carbon market analytics company based in Karlsruhe, Germany. Terms of the deal were not disclosed.

Tschach

Tschach Solutions, founded in 2010, offers a comprehensive portfolio of data, information and analytics products for the carbon market.Products include short and long-term price forecasts, which combine analysis of market fundamentals, policy and trading behaviour in the EU Emissions Trading Scheme (ETS) and the global Clean Development Mechanism (CDM).  Tschach Solutions produces a range of data, delivered through online, written report and consulting propositions.

“Tschach Solutions is a fast growing business whose approach to market analysis has proved highly effective. This acquisition increases ICIS capability in short and long-term energy market analysis,” said Christopher Flook, Managing Director of ICIS. “Our collective capabilities will provide customers with unique insights”.

Dr Ingo Tschach, Managing Director of Tschach Solutions added that “ICIS’ strong position across the energy information market, coupled with its extensive sales and marketing capability, provides the opportunity to accelerate our plans for future growth. As part of ICIS, we are better positioned to capitalise on the increasing need for carbon market data and analysis”.

UK, Sutton, Surrey & Germany, Karlsruhe

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Utilitywise plc acquires Aqua Veritas Consulting Limited

April 18, 2013 — Fusion DigiNet

utilitywise-logoUtilitywise,  a company that specialises in energy procurement and energy management services for businesses, has acquired Aqua Veritas Consulting Limited, a supplier of water consultancy services.

The acquisition will add Aqua Veritas’ product portfolio to Utilitywise’s  energy services. In addition, the acquisition secures ‘Osiris’ the intellectual property used to develop Utilitywise’s multi-utility reporting platform.

The initial consideration payable is £162,000, payable in cash on completion with a further deferred amount payable based upon 4 times Aqua Veritas’ adjusted EBITDA to April 2014 capped at £4 million. The deferred consideration will be financed equally from the Company’s cash resources and through the issue of new ordinary shares in Utilitywise. Aqua Veritas reported revenue of £1,296,288 in the year ended 31 March 2012.

Geoff Thompson, CEO of Utilitywise, commented:  “We have a stated strategy of supplementing our strong organic growth with selective aquavacquisitions which enhance our range of services. Aqua Veritas has an excellent reputation for high quality service in the market for water management solutions for businesses and a blue chip client base. It fits well with our core energy services and increases the range of products and services we can offer our customers.”

UK, South Shields & Leicestershire, Enderby

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IHS acquires Fekete Associates

April 8, 2013 — Fusion DigiNet

ihs_logo_mpInformation and analytics company IHS Inc. , has acquired Fekete Associates, a provider of integrated reservoir management software and services to the oil and gas industry. Terms of the deal were not disclosed.

“The acquisition of Fekete plays an important role in better supporting our customers as we continue to seamlessly connect IHS information and expertise with the right tools and technologies linked to key energy workflows,” said IHS Chairman and Chief Executive Officer Jerre Stead. “The products and services offered by Fekete build on existing IHS Energy solutions and provide new opportunity to expand Fekete offerings to a high-growth global energy marketplace.”

Fekete is a provider of integrated reservoir and production engineering tools and workflow solutions to the oil and natural gas exploration and production industry. Headquartered in Calgary, Alberta, Canada and with an office in Houston, the company’s digital solutions help customers find and develop new oil and gas reserves, and optimize production from new and existing assets by processing, analyzing, interpreting and modeling digital subsurface information.

“Combining Fekete workflow tools with IHS Energy information will create new efficiencies for customers and speed time to decisions in exploration and production. In a very dynamic global energy environment, providing integrated solutions that improve productivity and allow an even greater level of insight in making investment decisions is a great outcome for our customers and for IHS,” said IHS President and Chief Operating Officer Scott Key.

USA, Englewood, CO & Canada, Calgary, Alberta

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Inspired Energy plc – results for the 12 months ended 31 December 2012

March 20, 2013 — Fusion DigiNet

inspiredenergyInspired Energy plc, a UK energy procurement consultant to UK corporates, has announced its final results for the 12 month period ended 31 December 2012.

Financial Highlights

  • Revenue in the year to 31 December 2012 was £5.26 million (six months to 31 December 2011: £1.53 million)
  • Earnings before exceptional costs, depreciation, amortisation and share-based payment costs for the period was £2.64 million (six months to 31 December 2011: £0.91 million)
  • Adjusted EPS was 0.48 pence (excluding amortisation, acquisition cost, share based payments and restructuring cost) (six months ended 31 December 2011: 0.20 pence)
  • Profit before tax £0.89 million (six months to 31 December 2011: £0.61 million loss)
  • Order book of £8.9 million as at 31 December 2012 (£4.3 million at 31 December 2011)
  • New Group bank facilities agreed with Santander UK Plc (“Santander”) – £3.5 million facility to replace existing debt on more attractive terms with an additional acquisition facility of £1.5 million for future transactions
  • Maiden dividend proposed of 0.11 pence per share

Operational Highlights

  • Successful integration of Direct Energy Purchasing Limited, acquired in April 2012
  • Diversification of customer base into new sectors, including public sector and large scale infrastructure
  • Client retention
    • Renewals across the Group at 86 per cent (by contract value)
    • Risk Management division achieved a 100 per cent retention
  • Significant investment in staffing to drive revenue growth with average headcount in year increasing 69 per cent to 54 (31 December 2011: 32)
  • Investment in a bespoke core IT platform to optimise sales and client servicing, in line with the Group’s strategy on admission
  • Ongoing product development including launch of innovative Multi-Customer Management solution
  • Client driven expansion into Europe commenced, including set up of Irish office

Commenting on the results, Bob Holt, Chairman, said: “2012 was a transformational year for the Group, which has delivered confidently on its growth strategy; completing the first acquisition, broadening the customer base, both by sector and geographically and hiring key talent. This combined with the investment in a bespoke IT platform has streamlined business processes enabling us to increase the productivity from our highly skilled and experienced team.”

Janet Thornton, Managing Director, added: “Following a strong performance in 2012 and the significant investment in the business platform I am confident of the prospects for the Group in the new financial year. We have delivered a strong set of results whilst growing the business organically, accelerated by the investment in additional expertise and through the acquisition of DEP. In 2013, I believe that the Group will begin to see significant financial and operational benefits from the investment we have made in both IT infrastructure and talent and we will be able to continue our strong growth rates as well as broadening our product base and geographic reach.”

UK, Lancashire

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Smart Metering Systems plc – results for the year ended 31 December 2012

March 19, 2013 — Fusion DigiNet

Smart Metering Systems plc, a metering services company has announced final results for the 12 months to 31 December 2012.

Financial Highlights

  • Revenue increased by 32% to £21.0m (2011: £16.0m)
  • Recurring meter rental increased by 40% to £9.3m (2011: £6.6m) representing 44% of total revenue
  • Gross profit increased by 50% to £13.3m (2011: £8.9m)
  • Gross profit margin increased by 8% to 63%
  • Adjusted EBITDA* increased by 59% to £9.0m (2011: £5.7m)
  • EBITDA margin increased by 7% to 43%
  • Basic earnings per share increased by 77% to 5.18p (2011:2.93p)
  • Final dividend of 1.15p per ordinary share making 1.65p for the full year
  • New banking club arrangement announced on 2 August 2012 for £45.0m with Barclays Bank PLC (lead bank), Clydesdale Bank PLC and Lloyds Bank PLC, replacing all existing facilities
  • Available cash resources of £31.1m at 31 December 2012

(*Excluding exceptional items and fair value adjustments).

Operational Highlights

  • Total meter portfolio increased by 34% to 341,000 (2011: 254,000) of which 95% are domestic, with substantial growth since half year (H1 2012: 283,275) and currently over 365,000
  • Increase of 74% in capital investment in meter assets to £16.0m (2011: £9.2m) an increase in average monthly run rate of meter installations to £1.3m investment in 2012 (2011: £0.76m)
  • Increase in annualised recurring meter rental revenue as at 31 December 2012 of 42% to £10.8m (2011: £7.6m) and at 28 February 2013 £11.5m.
  • Increase of 26% in Asset installation revenue to £11.8m (2011: £9.4m) of which Gas Connection business increased turnover by 10% to £6.5m (2011: £5.9m)

Alan Foy, Chief Executive Officer, commented: “In our second year since our AiM admission we have delivered another strong set of results against our strategy of ongoing accumulation of meter assets and the introduction of our smart meter technology ADM™. Our second half performance in particular has been very pleasing building on contracts won in 2011 and 2012. We continue to strengthen our team and our financial resources and look to 2013 for another successful year.”

More information here.

UK, Scotland, Glasgow

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Bglobal sells Utilisoft Australia to Hansen Corporation

March 1, 2013 — Fusion DigiNet

bglobalSmart energy solutions and services business Bglobal plc has sold its Australian subsidiary, Utilisoft Pty Ltd (“Utilisoft Australia”), to Hansen Corporation Pty Ltd for a cash consideration of AUD$3.5 million (£2.36 million). Utilisoft Australia provides data management, software and process solutions to customers in the Australian energy market.  Hansen is an independent provider of billing, customer care and IT solutions to the telecommunications, electricity, gas and water industries.

In the year ending 31 March 2012, Utilisoft Australia achieved revenue of £2.38 million, operating profit of £0.36 million and profit before taxation of £0.39 million.  The net assets of Utilisoft Australia at 31 March 2012 were £0.40 million.

The sale of Utilisoft Australia will allow the Board to focus on its remaining UK operating businesses and continue to develop its “meter to cash” smart meter services platform.  During 2012, investment has been made in establishing Bsmart Energy Solutions, a company that is focused on delivering end to end energy services to the SME market and Nutech Training Limited, a company that provides dual fuel smart meter installation training. Both of these subsidiaries are now generating revenues for the Group. The cash proceeds of the sale will be used to invest in the further development of products and services, especially in the further development and testing of a PAYG integrated software solution for which the Group has received strong interest.

The Group now has a strengthened balance sheet, cash in the bank of approximately £3.4 million and the Board has confidence that further progress will be made during the current calendar year to capitalise on the opportunities that the Group is currently pursuing.

Tim Jackson-Smith, CEO, commented: “The sale of our Australian subsidiary strengthens the Group’s balance sheet and provides us with the resources to accelerate the development and field testing of our PAYG solution for which we have seen strong interest from existing energy suppliers and social and commercial landlords. I would like to thank all of the team at Utilisoft Pty for their commitment and hard work and look forward to seeing the business develop under its new owner.”

UK, Darwen, Lancashire & Australia, Bathurst NSW

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Inspired Energy plc trading update for the financial year ended 31 December 2012

February 4, 2013 — Fusion DigiNet

inspiredenergyInspired Energy plc trading update for the financial year ended 31 December 2012

Inspired Energy, an energy procurement consultant to UK corporates, has provided a trading update for the financial year ended 31 December 2012.

Revenues for the full year are expected to be marginally ahead of market expectations whilst profit before tax, excluding deal costs and amortisation of intangible assets associated with the acquisition of Direct Energy Purchasing Limited (“DEP”), is anticipated to be broadly in line with forecasts.  Net Debt is expected to be approximately £1.8 million.

Trading remains strong with the contracted order book of Inspired Energy Solutions Limited rising to £6.3 million as at 31 December 2012 (31 December 2011: £4.3 million).  DEP’s order book has also grown substantially in the period since its acquisition to £2.6 million (31 December 2011: £1.7 million), taking the Group’s aggregate current, contracted, order book to £8.9 million as at 31 December 2012.

Janet Thornton, Managing Director of Inspired Energy, commented: “We have a strong contracted order book and the Board is confident of the Group’s outlook. We look forward to continued organic growth in the year ahead, alongside the pursuit of further earnings enhancing acquisitions.”

Inspired Energy expects to announce its full year results for the year ended 31 December 2012 on 21 March 2013.

UK, Kirkham, Lancashire

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RPS Group PLC acquires Petroleum Institute for Continuing Education

January 17, 2013 — Fusion DigiNet

RPSlogoRPS Group PLC, an energy and natural resources consultancy, has acquired Petroleum Institute for Continuing Education (“PEICE”), a Canadian based business providing geoscience and engineering training to the oil and gas industry, for a maximum consideration of C$11.7 million (£7.4 million).

PEICE has been providing training to the oil and gas industry for 12 years. During 2012 it delivered over 200 courses, primarily in Canada and the US. The courses cater for a wide range of participants including recent graduates and technical and administrative support staff, as well as senior energy company staff. Course formats include open courses, in-house at client facilities and on-line delivery. peice

In the year ended 31 August 2012 PEICE had revenues of C$7.4 million (£4.7 million) and profit before tax of C$2.0 million (£1.3 million), after adjustment for non-recurring items.  Net assets at 31 August 2012 were C$0.4 million (£0.25 million).  On the same basis, gross assets at 31 December 2012 were C$1.0 million (£0.6 million).

RPS is acquiring the entire share capital of PEICE for a maximum total consideration of C$11.7 million (£7.4 million), all payable in cash.  Consideration paid at completion was C$5.7 million (£3.6 million).  Subject to certain operational conditions being met, two further sums of C$3 million (£1.9 million) will be paid on the first two anniversaries of the transaction.

The founder and joint owner (with his wife) of the business will be remaining with RPS after the transaction, along with all current PEICE staff. They will work with RPS’ existing energy training teams in the UK and US to extend the range of courses offered and the geographical reach of the business.

Alan Hearne, Chief Executive of RPS, said, “The acquisition of PEICE extends the geographical reach and capability of our existing energy training business.  This remains a growth market, as technical training continues to be important for most of our E&P clients.”

UK, Abingdon, Oxforshire & Canada, Calgary, AB

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Utilitywise – maiden report

October 18, 2012 — Fusion DigiNet

Utilitywise, a company that specialises in energy procurement and energy management services for businesses, has announced its first annual report since launching as a new company on AIM in June this year.

Financial highlights

  • Proforma revenue increased by 25% to £14.6 million (2011: £11.7 million)
  • Proforma EBITDA increased by 25% to £4.7 million (2011: £3.7 million)
  • Proforma PBT increased by 23% to £4.3 million (2011: £3.5 million)
  • Proforma EPS increased by 39% to 6.4p (2011: 4.6p)
  • Net cash at the year end of £8.2 million (2011: £0.2 million)
  • Maiden dividend of 1p proposed–ahead of schedule

Corporate highlights

  • Acquisition of EcoMonitoringUtility Systems Limited in January 2012
  • Acquisition of Clouds EnvironmentalConsultancy Limited (post reporting period)
  • Listing on AIM on 12 June 2012 raising £6.9million (before expenses)
  • New contracted meters grew to 20,013 at 31 July 2012 from 15,006 at 31 July 2011
  • Energy consultancy headcount increased to 188 at 31 July 2012 from 131 at 31 July 2011

Read the full report here.

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