LONDON (Alliance News) - Utility cost management consultancy Utilitywise PLC said on Monday its profit registered double digit growth on higher revenue, with increased customer numbers and new contracts.
For the six months to the end of January, Utilitywise posted a pretax profit of GBP950,000, swinging from a loss of GBP12.9 million for the same period the year before, due primarily to an exceptional loss of GBP14.3 million in the prior year raising from legal and restructuring costs, as well as an impairment from t-mac Technologies Ltd.
On an adjusted basis, pretax profit rose by 33% to GBP3.4 million from GBP2.4 million.
Revenue for the period grew by 3.0% to GBP39.7 million from GBP38.4 million the year before, restated from GBP46.1 million as Utilitywise adopted the International Financial Reporting Standard 15 from the start of August 2017.
Total customer numbers grew by 1.0% to 43,000, driven by a 3.0% increase in the core geographical market of the UK & Ireland, and within Utilitywise's order book, go-live rates on new contracts secured rose to 82% from 78% the year before.
"The overall performance of the group in the first half is in line with our expectations with revenue, profit and cash flow all improving while we have maintained our customer base, whose satisfaction with our services, as reflected in our net promoter score, is high," said Chief Executive Officer Brendan Flattery.
"In the short term, we have dealt with a number of legacy issues from earlier years but, looking ahead, I remain excited about the prospects for Utilitywise. We have a clearly stated Strategy for Growth, including both the Enterprise and Corporate divisions, which will create significant value for our shareholders," Flattery added.
Shares in Utilitywise were up 6.1% at 29.50 pence on Monday.
