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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 |
Decrease/(Increase) in inventories 12,660 (38,140) (17,158) (Decrease)/Increase in trade and other payables (3,858,347) 205,404 8,296,666 (Decrease)/Increase in provisions (120,465) - 1,193,895 ------------------- ------------------ --------------------- (11,288,521) (6,676,914) (2,487,994) Cash generated/(used) in operations (3,418,899) (1,277,106) 11,615,429 ------------------- ------------------ --------------------- Income taxes paid (172,392) (1,111,241) (1,910,373) Net cash flows from operating activities (3,591,291) (2,388,347) 9,705,056 ------------------- ------------------ --------------------- Investing activities Purchase of property, plant and equipment (1,644,713) (292,204) (630,583) Purchase of intangibles (21,398) (13,587) (42,313) Acquisition of subsidiary, net of cash acquired - - (599,688) Deferred consideration paid on acquisition of subsidiary (430,474) (192,500) (192,500) Finance income 17,446 4,453 12,603 Net cash used in investing activities (2,079,139) (493,838) (1,452,481) ------------------- ------------------ --------------------- Financing activities Issue of shares 260,621 200,000 200,000 Dividends paid (2,071,887) (1,304,005) (2,158,341) Loans repaid/ advances - - (1,252) Loans received - - 1,000,000 Finance expense (70,041) (174,582) (476,393) ------------------ -------------------------- ------------------ Net cash raised/ used in financing activities (1,881,307) (1,278,587) (1,435,986) ------------------ -------------------------- ------------------ Net increase/ decrease in cash and cash equivalents (7,551,737) (4,160,772) 6,816,589 Exchange losses on cash and cash equivalents (24,005) - (8,132) Cash and cash equivalents at beginning of period 15,823,137 9,014,680 9,014,680 ------------------ -------------------------- ------------------ Cash and cash equivalents at end of period 8,247,395 4,853,908 15,823,137 ------------------ -------------------------- ------------------
Notes
1. Accounting policies
The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 July 2014, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union.
The interim financial information for each of the six month periods ended 31 January 2015 and 31 January 2014 has not been audited and does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The information for the year ended 31 July 2014 does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006, but is based on the statutory financial statements for that year, on which the auditors have reported. Their audit report was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under Section 498 (2) or (3) Companies Act 2006.
During the preparation of the financial statements for the year ended 31 July 2014, management considered the loss of the Initial Recognition Exemption on the property acquired as part of the acquisition of Energy Information Centre Limited. This resulted in the tax base of this property reducing to GBPnil. A deferred tax liability of GBP584,651 should have been recognised, with a corresponding increase in goodwill. Management considered it appropriate to reflect this as a prior period adjustment to the financial position and results of 2013 and the period ending 31 January 2014. There was no impact on actual cash flows or net assets.
The principle accounting policies have been applied consistently to all years and are set out below.
2. Basis of preparation
Utilitywise Plc is incorporated and domiciled in the United Kingdom.
The accounts for the periods have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the accounting policies are consistent with those of the annual financial statements for the year ended 31 July 2014 and those envisaged for the financial statements for the year ending 31 July 2015. The Group has not adopted any standards or interpretation in advance of the required implementation dates. It is not anticipated that the adoption in the future of the new or revised standards or interpretations that have been issued by the International Accounting Standards Board will have a material impact on the Group's earnings or shareholders' funds.
The financial statements have been prepared on a going concern and historical cost basis as stated in the accounting policies. There have been no changes in accounting policies. All policies are in line with the year ended 31 July 2014 and we do not anticipate any further changes for the year ended 31 July 2015.
3. Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision maker has been identified as the management team including the Chief Executive Officer, Deputy Chief Executive Officer and Chief Financial Officer. The Group reports to the Board under both UK GAAP and IFRS. Underlying accounting information is prepared under UK GAAP and the below adjustments to take results to IFRS are made for the purpose of reporting to the Board and external reporting.
During the current period the Group serviced both Corporate and Enterprise businesses. The Board considers that the services were offered form two distinct segments in the current period. These distinct operating segments have arisen from a restructure in the prior year of previously acquired businesses. Given the reorganisation in the prior year the Board have undertaken to restate the corresponding items of the segment information below.
Operating segments are determined based on the internal reporting information and management structure within the Group. Information regarding the results of the reportable segment is included below. Performance is based on segment operating profit or loss before share-based payment charges, depreciation, amortisation and acquisition costs, as reported in the internal management reports that are reviewed by the CODM. The segment operating profit or loss is used to measure performance. Revenues disclosed below represent revenues to external customers.
The Enterprise Division derives its revenues from energy procurement by negotiating rates with energy suppliers for small and medium sized business customers throughout the UK, Republic of Ireland and certain European markets. The Corporate Division derives its revenues from energy procurement of larger industrial and commercial customers, providing an account care service and offering a variety of utility management products and services designed to assist customers manage their energy consumption.
Six months Six months Year ended ended ended 31 July 31 January 31 January 2014 2015 2014 GBP GBP GBP Revenue Enterprise (local GAAP) 25,063,199 16,715,464 40,064,832 Corporate (local GAAP) 6,302,468 4,205,246 9,859,510 Intersegment revenue (675,590) (111,557) (1,252,367) Accrued Revenue (GAAP adjustment) (6,802) 379,711 390,627 Discounting of cash flows (GAAP adjustment) (797,022) (209,223) (420,747) Total Group revenue 29,886,253 20,979,641 48,641,855 ============ ============ ============ Enterprise Corporate Six months ended 31 January 2015 GBP GBP Segment profit 5,595,174 1,589,158 Finance income 13,399 4,047 Finance expense (261,211) (186) Depreciation (235,968) (144,870) Amortisation (4,051) (5,520) Profit before tax (local GAAP) 5,107,343 1,442,629 =========== ========== Enterprise Corporate Six months ended 31 January 2014 GBP GBP Segment profit 3,590,252 687,893 Finance income 4,453 - Finance expense (174,582) -
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