24 Jun 2016 14:20
Utilitywise plc ("Utilitywise" or the "Company")
Adoption of Financial Reporting Standard (FRS) 101
Notification to shareholders on parent company financial statements: adoption of Financial Reporting Standard (FRS) 101 - Reduced Disclosure Framework
The Company has today posted a letter to all shareholders, the full text of which is set out below:
The parent company financial statements of Utilitywise plc (the 'Company') contained in the Utilitywise plc Annual Report for the year ended 31 July 2015 were prepared in accordance with UK Generally Accepted Accounting Practice ('UK GAAP'). The 2015 Annual Report can be found on the Company's website at www.utilitywise.com.
A new UK GAAP accounting framework introduced by the Financial Reporting Council ('FRC') became mandatorily effective for financial statements commencing on or after 1 January 2015. Under this new framework, the Company is required to elect to prepare its parent company financial statements on one of the new bases permitted by the FRC. The consolidated financial statements of the Group will continue to be prepared in accordance with EU-adopted International Financial Reporting Standards ('IFRS') and are unaffected by this new accounting framework.
The Company therefore proposes to adopt FRS 101 - Reduced Disclosure Framework ('FRS 101') for its parent company financial statements for the year ending 31 July 2016 which will be included in the Group's Annual Report for 2016 and on an ongoing basis until such time as the Company notifies shareholders of any change to its chosen accounting framework for the parent company financial statements. The Company intends to take advantage of the disclosure exemptions allowed under FRS 101. Accordingly, the disclosures in the parent company financial statements prepared under FRS 101 are expected to be the same, or follow closely, those previously reported under UK GAAP.
The Company's decision to adopt FRS 101 does not require shareholder approval. However, as stipulated in FRS 101, the Company is required to notify all shareholders of this election and therefore this letter hereby constitutes due notice of this election. In accordance with FRS 101, any shareholder or shareholders holding in aggregate five per cent or more of the total allotted shares in the Company may serve an objection. Objections must be served in writing and delivered to the Company Secretary at the Company's registered office at Utilitywise House, 3 & 4 Cobalt Park Way, Cobalt Business Park, North Tyneside NE28 9EJ by 31 July 2016.
For further information:
Utilitywise plc 0330 303 0233
Geoff Thompson (CEO)
Jon Kempster (CFO)
finnCap (NOMAD and broker) 020 7220 0500
Matt Goode/ Grant Bergman (Corporate Finance)
Simon Johnson (Corporate Broking)
Liberum (Joint broker) 020 3100 2000
Robert Morton/ Steve Pearce
Redleaf Communications 020 7382 4730
Rebecca Sanders-Hewett/ David Ison/ Susie Hudson
About Utilitywise
Utilitywise is a leading independent utility cost management consultancy based in Newcastle upon Tyne. The Group has established trading relationships with a number of major UK energy suppliers and provides services to its customers designed to assist them in achieving better value out of their energy contracts, as well as enabling reduced energy consumption and lower carbon footprint.
Businesses large and small rely on Utilitywise for their energy management needs. Clients range in size from single site SME's to multinationals with thousands of sites and cover the whole of the UK. In total, Utilitywise has c.30,000 UK & I customers. The Group also has a European operation which is starting to build a presence in France, Germany, Belgium and Netherlands with a total customer base of c.5,500.