Utilitywise plc Change to payment terms with existing supplier (5702V)
19 April 2016 - 4:01PM
UK Regulatory
TIDMUTW
RNS Number : 5702V
Utilitywise plc
19 April 2016
19 April 2016
Utilitywise plc
("Utilitywise" or the "Group")
Favourable change to payment terms with existing supplier
Utilitywise plc (AIM:UTW), a leading independent utility cost
management consultancy, is pleased to announce an immediate change
to its existing payment terms with another key energy supplier.
The supplier has agreed to amend its terms such that any future
extension secured to a contract that has not expired receives the
same cash payment terms as for a new contract, in this case 80% of
the expected revenue from the contract falling due on the extension
signing and the remainder at maturity subject to the normal
reconciliation process. We have also agreed that this change of
terms will apply to historic accrued revenue balances and we will
therefore receive GBP2.251 million (inc VAT) in cash from the
supplier prior to the Company's financial year end on 31 July
2016.
Geoff Thompson, Chief Executive of Utilitywise, commented:
"This is another success in harmonizing terms with an important
supplier and we are pleased to receive the cash payment earlier
than originally due. A key focus for our business is improving cash
conversion and hence this change of commercial terms is a very
positive achievement."
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUWAKRNVASAAR
(END) Dow Jones Newswires
April 19, 2016 02:00 ET (06:00 GMT)
Utilitywise (LSE:UTW)
Historical Stock Chart
From Apr 2024 to May 2024
Utilitywise (LSE:UTW)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Utilitywise (London Stock Exchange): 0 recent articles
More Utilitywise News Articles