LONDON (Alliance News) - Utility cost-management consultancy Utilitywise PLC Tuesday said it has made a solid start to its financial year and said trading has been in line with its expectations.
In a statement ahead of its annual general meeting, Chairman Richard Feigen said Utilitywise is picking up the pace of its recruitment and expects trading to improve across the balance of its financial year to July 2016.
Utilitywise also said it has agreed a change to its existing payment terms with a key energy supplier and said it remains in talks to continue amending payment terms with other suppliers. It didn't name the supplier.
"This is a further step forward in getting our commercial terms for both new contracts and contract extensions harmonised. A key focus for our business is improving cash conversion and hence this change of commercial terms is a very positive achievement," said Chief Executive Geoff Thompson.
Shares in Utilitywise were up 12% to 156.31 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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