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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Utilitywise PLC acquires ICON Communication Centres in the Czech Republic.

utilitywise-logoUtilitywise, an independent utility cost management consultancy, has acquired ICON Communication Centres, an international provider of contact centre services based in the Czech Republic.

ICON is an established provider of multilingual contact centre services for the international market. Founded in 2003, the company currently operates one call centre in the Czech Republic with 150 employees and the capacity to expand to 300 seats. For the year to 31 December 2013, ICON reported revenue of £3.0m and EBITDA of £0.13m.

The initial consideration payable is €1.08 million in cash with a commitment to issue 30,701 new ordinary Iconshares in Utilitywise at an issue price of 321.7p per new ordinary share, being the average mid market price of a Utilitywise share in the 30 trading days to 25 April 2014.  Up to a further €1.2 million will become payable by 30 April 2015 in cash and shares subject to meeting EBITDA performance targets in the 12 month period ending 31 December 2014.  Both the Initial Consideration Shares and the Deferred Consideration Shares will be issued following publication of Icon’s audited financial statements for the 12 month period ending 31 December 2014.

Geoff Thompson, Chief Executive of Utilitywise, commented: “Our initial testing of the European market is showing early positive results and the addition of ICON to the Group provides us with a European footprint from which to expand our services in Europe to the full intermediary procurement model that we employ in the UK. While the opportunity in the UK remains large and our primary focus, we are encouraged with the positive reception to our offering in the European energy markets and look forward to pursuing this opportunity.”

Utilitywise has enjoyed a long standing relationship with Oil & Gas major TOTAL through its Total Gas & Power (TGP) energy supply activities. TGP will be the first Utilitywise client to use the services of the acquisition with two contracts expected to be agreed ICON, each with an initial term running to end of 2016.

UK, South Shields & Czech Republic, Prague

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