Utilitywise plc Year End Trading Update (2283O)
05 August 2014 - 4:00PM
UK Regulatory
TIDMUTW
RNS Number : 2283O
Utilitywise plc
05 August 2014
5 August 2014
Utilitywise plc
("Utilitywise" or the "Group")
Year End Trading Update
Utilitywise PLC (AIM:UTW), a leading independent utility cost
management consultancy, is pleased to provide a trading update for
its financial year ended 31 July 2014.
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 GBP9.7 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 GBP28.2
million as at 31 July 2014 compared to GBP16.6 million as at 31
July 2013 (31 Jan 2014: GBP23.8 million).
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 31(st)
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."
For further information:
Utilitywise PLC 0870 626 0559
Geoff Thompson, CEO
Andrew Richardson (CFO)
finnCap (NOMAD and broker) 020 7220 0500
Matt Goode / Charlotte Stranner (Corporate
Finance)
Simon Johnson (Corporate Broking)
Newgate Threadneedle 020 7653 9850
Josh Royston / John Coles / Hilary Millar
About Utilitywise
Utilitywise is a leading independent utility cost management
consultancy based in South Shields, Tyne and Wear. 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 over 17,000 customers and manages an
overall energy consumption of approaching 20 terra watt hours per
annum.
Utilitywise is a UK company quoted on the AIM market of the
London Stock Exchange. For more information, please visit
www.utilitywise.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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