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and i am up 20p
CUSTOMERS’ enduring desire for a good deal means an energy consultancy remains well placed to grow in a “buoyant” market, bosses have told The Northern Echo. Utilitywise officials say the ground is fertile for development after clients’ efforts to trim tariffs pushed its order book 18 per cent higher. The bullish outlook came today (Monday, July 31) after management revealed they expect fullyear group revenues to be around £4.5m below previous expectations, highlighting what they described as “little hitches” to contracts outside their control, which have extended agreements beyond its July 31 cut-off point. Bosses also took the opportunity to announce the early introduction of a mandatory new accounting standard as of todmorrow (Tuesday, August 1). Scheduled to be implemented by August next year, Utilitywise says it has moved quickly to clarify revenue streams going forward. The North Tyneside company helps firms manage power and water bills, with its services including the Smart- Dash and Wiselife Connect software, known for helping customers view gas, power and water use and remotely control electrical devices, respectively. Under its accounting changes, the firm will now identify two strands of income streams in the same way, meaning revenue across the board will be recognised when a contract goes live, rather than when it is signed. Brendan Flattery, chief executive, told the Echo the company was set fair, saying its anticipated revenue dip was counterbalanced by the aforementioned issues surrounding some deals and its expectation of reporting higher gross order book additions in the year to July 31. He said: “The market remains buoyant and there are still lots of customers looking to switch to save themselves money and looking for us to support them. “This is a business where its order book is growing; there is 18 per cent growth in the order book. “We have taken the decision to adopt the new accounting standard, IFRS 15, as early as possible.” Mr Flattery also played down any significant impact of a previous announcement in June, wherein Utilitywise revealed it was repaying a supplier £7.6m following lower-than-expected usage levels. At the time, the company said the move was in response to a client discovering “apparent material levels of under-consumption in certain contracts”. Mr Flattery added: “It was a legacy issue and we identified it. “We have rebuilt that relationship and are working with the supplier.” http://www.thenorthernecho.co.uk/business/15443590._Watch_us_grow_____Energy_consultancy_Utilitywise_bullish_over_future_despite___4_5m_revenue_dip/
I feel aggrieved, I can only hold onto my paper losses as I don't have any money to average down :-(
"The progress Utilitywise has made to date under Geoff's stewardship as CEO and later as Executive Chairman has been remarkable..." what exactly does "remarkable" mean here? "I am delighted that he will remain on the Board as our Non-Executive Chairman." Translation "I am thrilled he is no longer Exec Chairman, the man is a liability, shame he owns so many shares or else he would have gone by now..." "I have no doubt Geoff's experience and counsel will be of substantial benefit to the business moving forward..." I.e. just because someone has an opinion does not mean we have to act accordingly" "...and I look forward to working with him in his new capacity." "which as non-exec chairman means little or not at all" Am I missing something? As for changing the BoD both the CEO and the FD know what they are doing and have successful track records. The Chairman is surely going - already half out of the door etc etc. There are (I think) ten members of the BoD counting the CoSec. Of these 5 have been appointed within the last 12 months. So you are getting your wish. Anyway - I have been only too happy to buy in (quite heavily now) at an average of 35.4p. Cheap at the price and if/when UTW returns to the dividend list a multi-bagger in the making methinks. GLA GS
Only invested in this share for a few hours and decided to take the 35% profit but still looks undervalued long term and use them for energy contracts in the day job, and think the business model is still reasonable for the future so good luck to all.
I was being serious - he could have said a lot less. Only a few months ago, they would have known about these issues. Time to change the board.
I finally got out of PREM this morning (or should it be mourning) and decided that moving the funds over to UTW gave me the best chance of reversing the loss. I was going to buy last week so I'm so glad I was able to get in at this mornings price. I say 'nothing has changed' - as I work in the industry and the UTW model works well. It will continue to do so alongside a more realistic way of valuing the forward order book and a sensible payment plan to repay the suppliers. UTW has a large client portfolio and this will continue to grow at a pace irrespective of what has happened. All good in the opinion of someone who reads rather than posts!
well I certainly never saw a potential 30% profit in this from this mornings lows, somebody must have confidence, surely Woodford hasnt been duped to buy some more
I assume you are being serious. If so, the way it works when someone is demoted, is that that the new big boy on the block (Flattery) says nice things in public. He can hardly say " your exec chairman is a prat and I am thrilled he is stepping down" otherwise the question as to why he is remaining in any capacity might be raised. I would guess that Thompson will disappear fairly soon and be replaced by someone a little more "acceptable" GS
Brendan Flattery, CEO of Utilitywise, added on the 4th April: "The progress Utilitywise has made to date under Geoff's stewardship as CEO and later as Executive Chairman has been remarkable and I am delighted that he will remain on the Board as our Non-Executive Chairman. I have no doubt Geoff's experience and counsel will be of substantial benefit to the business moving forward, and I look forward to working with him in his new capacity."
agreed, someone got out 20p better than the rest of us. Hell maybe it was Woodford himself!
What should be investigated is the share transactions preceding the releases of each of the recent updates. someone was acting on info not available to the market. Not holding my breath on the fca doing anything though.
Beevorma, no that's why the aim is known has the casino
Don't think that you would be able to get any redress here, but morally Thompson should return the money he stole. That would save the company and help us shareholders out.
FT...Jan 5 2010.... The top corporate financier at Seymour Pierce, the broker, has resigned after an internal investigation found errors made in a deal involving one of its clients. Richard Feigen, Seymour Pierce’s managing director, said he decided to leave the company after mistakes were uncovered relating to the handling of a client transaction he was overseeing at the time. Seymour Pierce is one of the largest brokers for small companies in London and has more Aim-quoted clients than any other stockbroker. Mr Feigen was suspended for more than a month during an internal investigation before deciding to stand down. He said: “Some errors occurred during a transaction which I was leading. I feel that as the firm’s managing director it is my duty to accept full responsibility for them, and I have therefore decided it is in the best interests of Seymour Pierce that I step down”. As managing director of the broker, whose clients include Liberty, Tottenham Hotspur football club and jeweller Theo Fennell, Mr Feigen managed day-to-day activity throughout Seymour Pierce’s investment banking, stockbroking and corporate finance divisions. Mr Feigen started in the City in 1986 as a private client broker before moving into corporate finance, and in 2003 helped lead a buy-out of Seymour Pierce.
Is it possible to get compo where shareholders have been mislead on the AIM? Like you can do on the FTSE...
Agreed and he has taken out more money than the company is worth. Woodford needs to act.
Not only that but he set up this ponzi scheme. 'Cos thats what its been all along.
Have my doubts as to all the bad news being out of the way. The overestimated usage means there is a potential clawback of 7m. Well they had historical usage figure that should have put them in the right ball park. This figure is only the commission on the underestimate. The actually underestimate must be massive. You can only think they were looking to maximise the prepayment or their staff bonus. If they were doing this with one supplier what makes you think they weren't doing it with other too. Also read some customer reviews. They aren't good.
Have my doubts as to all the bad news being out of the way. The overestimated usage means there is a potential clawback of 7m. Well they had historical usage figure that should have put them in the right ball park. This figure is only the commission on the underestimate. The actually underestimate must be massive. You can only think they were looking to maximise the prepayment or their staff bonus. If they were doing this with one supplier what makes you think they weren't doing it with other too. Also read some customer reviews. They aren't good.
The Net asset value is 11p - so I wouldn't buy yet. Need also to get rid of Chairman. Bunch of lying thieves.
I'm looking to get into this at 31p
Get's over £230k a year for part time chairman and has made a mint! He should be made to resign and give the money back. We have been misled.