TIDMUTW

RNS Number : 2613P

Utilitywise plc

17 February 2016

17 February 2016

Utilitywise plc

("Utilitywise" or the "Group")

Trading Update

Utilitywise plc (AIM:UTW), the leading independent utility cost management consultancy, today provides an update on trading for the six months ended 31 January 2016.

The Board is pleased to confirm that the Group has performed in line with management expectations during the period, with continued revenue growth in both UK divisions as well as its European operation.

Significant momentum has been achieved, particularly in our Enterprise division, with gross order book additions totalling GBP40m in the period. The contract 'go live' rate improved in H1 meaning the Group revenue pipeline was GBP24.7m as at 31 January 2016, slightly lower than at the year end (GBP23.5 million at 31 January 2015 and GBP26.2m at 31 July 2015).

Energy Consultant headcount at 31 January 2016 was 625 (449 at 31 January 2015 and 610 at 31 July 2015). Headcount growth has been slightly slower than expected but is expected to increase in H2.

Customer numbers as at 31 January 2016 were 29,288 compared to 22,048 as at 31 January 2015 (25,976 at 31 July 2015).

Net debt at 31 January 2016 was GBP10.4m (net cash of GBP1.6m at 31 January 2015, net debt of GBP6.7m at 31 July 2015), in line with management expectations

Geoff Thompson, Chief Executive of Utilitywise, commented:

"We have made significant progress in the period and are well advanced in building our comprehensive energy solutions and services capability around our core procurement offering. In the second half, we will further increase Energy Consultant numbers and focus on productivity initiatives to further support revenue growth.

"The rate of new customer acquisition has increased compared to extensions and renewals in line with management expectations. We also continue to make progress in aligning supplier commercial terms to improve cash conversion.

"As a result of the significant investment that we are making in the business, we are pleased to be making real progress with a number of our strategic initiatives and expect to report both revenue and profits for the full year in line with management expectations."

Notice of Results

Utilitywise will announce its interim results for the six months ended 31 January 2016 on Tuesday 19th April 2016.

For further information

 
 Utilitywise plc                         0330 303 0233 
 Geoff Thompson (CEO) 
 Jon Kempster (CFO) 
 
 finnCap (NOMAD and broker)              020 7220 0500 
 Matt Goode/ Grant Bergman (Corporate 
  Finance) 
 Simon Johnson (Corporate Broking) 
 
  Liberum (Joint broker)                   020 3100 2000 
 Robert Morton/ Steve Pearce 
 Redleaf Communications                  020 7382 4730 
 Rebecca Sanders-Hewett/David 
  Ison/ Susie Hudson

About Utilitywise

Utilitywise is a leading independent utility cost management consultancy based in North Tyneside. 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 c.29,000 UK & I customers.

This information is provided by RNS

The company news service from the London Stock Exchange

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