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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Utilitywise | LSE:UTW | London | Ordinary Share | GB00B6WVD707 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.903 | 1.806 | 2.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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
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MSCUWAKRNVASAAR
(END) Dow Jones Newswires
April 19, 2016 02:00 ET (06:00 GMT)
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