The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksUtilitywise Share News (UTW)

  • There is currently no data for UTW

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Utilitywise Profit Higher As CEO Becomes Chairman; Signs Amended Deal

Tue, 19th Apr 2016 07:27

LONDON (Alliance News) - Utility cost management consultancy Utilitywise PLC on Tuesday posted higher pretax profit driven by a one-off gain, changes to its management team and said it has secured better terms on an existing contract.

The group, which advises businesses on their energy procurement, said pretax profit grew to GBP12.1 million in the half to the end of January from GBP7.3 million a year earlier, mostly due to a GBP5.7 million one-off gain made from the release of deferred consideration the group had expected to pay to the sellers of T-Mac Technologies.

Adjusted pretax profit, removing all the one-offs, increased 17% year-on-year to GBP9.1 million from GBP7.8 million, Utilitywise said.

The company will pay an interim dividend of 2.2 pence per share, up 29% year-on-year from 1.7p.

Revenue grew to GBP41.6 million in the half, up 36% from GBP30.6 million a year earlier, as total customer numbers grew 33% and the group increased its energy consultant headcount 39%. Utilitywise said enterprise revenue added to its order book in the first half grew 50%, covering mostly SME customers.

The company said it remains confident about its prospects and expects a better performance in the second half compared to the first.

The group also said it has reshuffled its management team and Geoff Thompson, currently chief executive, will become executive chairman. Utilitywise said it has "identified a high calibre external candidate" to replace Thompson in the CEO role and will announce further details on this, and when Thompson will move roles, when it has agreed a contract.

Separately, Utilitywise said it has secured an immediate change to the payment terms with a key energy supplier client.

The result of the renegotiated terms, which will govern when Utilitywise received a cash payment when contract extensions are secured, Utilitywise expects to receive GBP2.3 million in cash from the supplier prior to the end of its financial year at the end of July.

"This is another success in harmonizing terms with an important supplier and we are pleased to receive the cash payment earlier than originally due," Thompson said.

Utilitywise shares were up 5.4% to 191.00p.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.

More News
20 May 2015 15:16

Dividends Calendar - Week Ahead

Read more
20 May 2015 05:14

Dividends Calendar - Week Ahead

Read more
19 May 2015 15:03

Dividends Calendar - Week Ahead

Read more
19 May 2015 05:13

Dividends Calendar - Week Ahead

Read more
18 May 2015 15:18

Dividends Calendar - Week Ahead

Read more
18 May 2015 05:21

Dividends Calendar - Week Ahead

Read more
15 May 2015 15:15

Dividends Calendar - Week Ahead

Read more
15 May 2015 05:18

Dividends Calendar - Week Ahead

Read more
14 May 2015 15:04

Dividends Calendar - Week Ahead

Read more
8 May 2015 11:29

DIRECTOR DEALINGS SUMMARY: Outgoing Whitbread CEO Halves Shareholding

Read more
7 May 2015 16:11

Utilitywise's director buys £1m worth in shares

A non-executive director of cost management consultancy Utilitywise acquired £0.99m worth in shares in the group. Jeremy Middleton, who also co-founded emergency repairs business HomeServe, bought 450,000 shares for 220p, raising his stake to a total of 2.24m, equal to a 3% stake. The group last mo

Read more
7 May 2015 13:50

DIRECTOR DEALINGS: Utilitywise Non-Executive Director Buys Shares

Read more
21 Apr 2015 11:06

Utilitywise jumps on strong first half results and acquisition

Shares in Utilitywise rose over 5% on Tuesday, after the energy and water consultancy business said its first half pre-tax profit rose on the back of a sharp increase in revenue from its core Enterprise division. In the six months to 31 January, the London-listed group reported a pretax profit of £6

Read more
21 Apr 2015 07:20

LONDON MORNING BRIEFING: ARM Holdings And Sky Lead Opening Gains

Read more
21 Apr 2015 07:04

Utilitywise Reports Profit Rise As It Acquires t-mac Technologies (ALLISS)

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.