Utilitywise shares tumble after profit warning

(ShareCast News) - Water and energy consultancy Utilitywise warned in a trading update its earnings will won't meet expectations, sending shares lower.The company said in the second half of the year it increased its staff count, spent funds on sales and marketing and invested in European trials in key markets, which meant lower earnings before interest, tax, depreciation and amortisation would be lower than expected.Revenue was ahead of expectations, representing growth of 42% against the prior year.The company also said its deputy chief executive officer Andrew Richardson would leave to "take a break from work", while Steve Atwell would join as managing director of the Enterprise Division.FinnCap, which retained a corporate rating on the stock, reduced its target price from 335p to 300p.Shares in AIM-listed Utilitywise were down by 9.79% to 198p at 0859 BST.