Utilitywise plc Year End Trading Update (2283O)

TIDMUTW

RNS Number : 2283O

Utilitywise plc

05 August 2014

5 August 2014

Utilitywise plc

("Utilitywise" or the "Group")

Year End Trading Update

Utilitywise PLC (AIM:UTW), a leading independent utility cost management consultancy, is pleased to provide a trading update for its financial year ended 31 July 2014.

Revenue and adjusted profit before tax is expected to be in line with market expectations. Net cash balances at 31 July 2014 stood at approximately GBP9.7 million, comfortably ahead of market expectations, in part as a result of improved commercial terms with a number of energy suppliers. The Group's revenue pipeline, representing revenue secured but yet to be recognised, was GBP28.2 million as at 31 July 2014 compared to GBP16.6 million as at 31 July 2013 (31 Jan 2014: GBP23.8 million).

Trading remains strong and the Board is confident in the Group's ability to deliver continued organic growth. The customer base continues to grow across all business units and the Group's new business run rate remains in line with management expectations.

Utilitywise expects to announce its full year results to 31(st) July 2014, in the final week of October 2014.

Geoff Thompson, CEO of Utilitywise, commented: "We are delighted to provide an update on what has been another period of growth for the business, both organically and through acquisition. The strong trading momentum from the first half of the year has continued into the second half and as a result, we anticipate results to be in line with market expectations which were revised upward at the time of the Group's interim results. Progress with the strategic scaling of the business has continued as expected and the planned move to our new facility is on schedule for occupancy to commence in October, providing the necessary capacity to grow total Group headcount to 1,400 over the next two years. Additionally, following its acquisition in April, ICON is performing as planned, and the Board remains confident in the Group's future prospects."

For further information:

 
     Utilitywise PLC                                   0870 626 0559 
     Geoff Thompson, CEO 
     Andrew Richardson (CFO) 
 
     finnCap (NOMAD and broker)                        020 7220 0500 
     Matt Goode / Charlotte Stranner (Corporate 
      Finance) 
     Simon Johnson (Corporate Broking) 
 
     Newgate Threadneedle                              020 7653 9850 
     Josh Royston / John Coles / Hilary Millar 
 

About Utilitywise

Utilitywise is a leading independent utility cost management consultancy based in South Shields, Tyne and Wear. 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 over 17,000 customers and manages an overall energy consumption of approaching 20 terra watt hours per annum.

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

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