Utilitywise revenue pipeline hit but group remains on track

Utility consultancy group Utilitywise said it performed in line with expectations in the first half of its financial year, although it warned of a weakening revenue pipeline.The group said the drop was due to a temporary focus on extending and renewing energy deals with its current customers.Utilitywise said its revenue pipeline fell from £28.5m at the end of July to £23.5m as of 31 January, which represented a slight fall from £23.8m in the corresponding period 12 months earlier.The company said it expects its revenue mix to return to its usual patterns in the second half of the year, but it added the decline had not translated into a significant impact on revenue, cash or profitability."During the period we seized a unique opportunity to lock-in significant future revenues, profits and cash-flows whilst providing our customers with long term price security," said group chief executive Geoff Thompson."Going forward, our efforts will revert to focusing on the acquisition of new customers in our highly fragmented target markets."We expect to report a significant increase in both revenue and profits for the full year in-line with previous expectations."Utilitywise shares rose 4.66% to 230.00p at 12:54 on Friday.