LONDON (Alliance News) - Utilitywise PLC Wednesday said it performed in line with its expectations in its first half, and also anticipates meeting those expectations for the full year.
The utility cost-management consultancy said it had seen revenue growth in both of its UK divisions in the half year to end-January, as well as at its European operation. It saw gross order book additions of GBP40 million in the period.
Because its contract 'go live' rate improved in the half year, its revenue pipeline shrunk slightly to GBP24.7 million as at the end of January from the previous year end.
Customer numbers grew to 29,288 at the end of the half year from 22,048 the year before.
Headcount growth was slightly slower than expected, with energy consultant headcount at 625 at the end of the half year compared to 610 at the beginning of the year, but Utilitywise expects growth to speed up in the second half.
"In the second half, we will further increase Energy Consultant numbers and focus on productivity initiatives to further support revenue growth. The rate of new customer acquisition has increased compared to extensions and renewals in line with management expectations. We also continue to make progress in aligning supplier commercial terms to improve cash conversion," said Chief Executive Geoff Thompson in a statement.
"As a result of the significant investment that we are making in the business, we are pleased to be making real progress with a number of our strategic initiatives and expect to report both revenue and profits for the full year in line with management expectations," Thompson added.
Utilitywise will report its interim results April 19.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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