Utilitywise plc Change to payment terms with existing supplier (5702V)

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)