Utilitywise plc Trading Update (3747X)
21 February 2017 - 6:00PM
UK Regulatory
TIDMUTW
RNS Number : 3747X
Utilitywise plc
21 February 2017
21 February 2017
Utilitywise plc
("Utilitywise" or the "Group")
Trading Update
Utilitywise, the leading independent utility cost management
consultancy, today provides an update on trading for the six months
ended 31 January 2017.
The Board is pleased to confirm that the Group has performed in
line with management expectations during the period, with
double-digit revenue growth compared to the same period last year.
Net debt at 31 January 2017 was GBP4.1m (31 January 2016: GBP10.2m,
31 July 2016: GBP0.2m).
The Enterprise Division, which serves the SME market and
represented 94% of adjusted(1) profit before tax for the year ended
31 July 2016, performed strongly, with an increase in revenue and
profit compared to the same period last year. Gross order book
additions were GBP50.2m, compared to GBP40.4m in the same period
last year and the revenue pipeline, still to "go-live", increased
to GBP28.0m as at 31 January 2017 (GBP25.6m at 31 July 2016 and
GBP24.7m at 31 January 2016). As a result of continued focus on
people retention, Energy Consultant headcount at 31 January 2017
increased to 661, compared to 625 at both 31 July 2016 and 31
January 2016.
The Corporate Division, which services larger organisations and
represented 6% of adjusted(1) profit before tax for the year ended
31 July 2016, saw a reduction in revenue compared to the same
period last year. This was primarily due to slower progress than
previously hoped in the deployment of technology solutions to
certain customers but was also impacted by ESOS(2) -related revenue
in the first half of last year, which has not recurred this year.
That revenue reduction, coupled with the on-going investment that
commenced in the second half of last financial year, has led to a
reduction in profit compared to the first half of last year. The
Board remains confident in the outlook for this Division.
Utilitywise will announce its interim results for the six months
ended 31 January 2017 on 4 April 2017 and will also hold a Capital
Markets Event for institutional investors and analysts on 2 March
2017, during which the executive team will update on the Group's
strategy and markets.
Brendan Flattery, CEO of Utilitywise, commented:
"We are pleased to be reporting the key indicators all showing
growth against the prior year in our Enterprise Division, which
continued to impress with an increased order book and a strong
revenue pipeline. Whilst deployment to certain customers in the
smaller Corporate Division was slower than we had hoped, the
Division's prospects, and those of the Group as a whole, remain
unchanged.
The opportunities for Utilitywise across all of our markets
continue to grow. We have made significant progress in the first
half in further strengthening the management team, investing in new
products and services and implementing new internal initiatives. I
look forward to providing a more comprehensive update in our
interim results statement in April."
(1) Adjusted profit before tax means stated before exceptional
items, non-cash accounting charges for share-based payments and
amortisation relating to acquired intangible assets.
(2) ESOS means Energy Savings Opportunity Scheme.
For further information
Utilitywise plc 0330 303 0233
Brendan Flattery (CEO)
Richard Laker (CFO)
finnCap (NOMAD and broker) 020 7220 0500
Matt Goode / Henrik Persson (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
Utilitywise is a leading independent utility cost management
consultancy, which has established trading relationships with a
number of major UK and European 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.
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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