Utilitywise plc Change to payment terms with existing supplier (0353J)

TIDMUTW

RNS Number : 0353J

Utilitywise plc

15 December 2015

15 December 2015

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 important and immediate change to its existing payment terms with a second key energy supplier.

The supplier has agreed to amend its terms such that any future extension secured on a contract that has not expired receives the same payment terms as a new customer would, in this case either 75% or 80% (depending on contract type) of the expected revenue from the contract falling due on the extension signing and the remainder at maturity subject to the normal reconciliation process.

Discussions are ongoing with more of our key energy suppliers to amend payment terms to reflect the changing way that we are doing business.

Geoff Thompson, Chief Executive of Utilitywise, commented:

"This is a further step forward in getting our commercial terms for both new contracts and contract extensions harmonized. A key focus for our business is improving cash conversion and hence this change of commercial terms is a very positive achievement.

We have more suppliers to target improved terms and will update the market as and when we are in a position to do so."

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/ Richard 
  Gotla/ 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.28,500 UK & I customers.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 15, 2015 02:00 ET (07:00 GMT)