29 Jan 2018 07:00
29 January 2018
Utilitywise plc
("Utilitywise" or "the Company")
Temporary suspension of share trading
Utilitywise plc (AIM:UTW), a leading independent utility cost management consultancy, today announces that the Directors have now concluded that the Company will not be able to publish its annual audited accounts for the year ended 31 July 2017 ("FY17") by 31 January 2018.
This delay is due to the volume of work still required to be completed by the Company and its auditor to cater for the proposed change in the Company's revenue recognition policy, as announced on 17 January 2018. This work includes amendments to the Company's financial reporting systems in order to analyse energy contract data in accordance with that new policy, alongside associated work by the Company's auditor, for the audit of its results for FY17 to be completed.
The delay is not related to the Company's banking arrangements, nor the trading, cash flows or other underlying economic position of Utilitywise in either FY17 or the current financial year.
Accordingly, trading in the Company's shares will be suspended pending notification of its FY17 full year results. Trading will be temporarily suspended from 7.30am today until such time as the results are published, in accordance with AIM Rule 19.
The imperative of the Board is to minimise the delay in the completion of its final audited FY17 results and a further update will be given as soon as the Board is in position to do so, regarding the expected date of announcement of those results.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
For further information
Utilitywise plc | 0330 303 0233 |
Brendan Flattery (CEO) |
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Richard Laker (CFO) |
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finnCap (NOMAD and broker) | 020 7220 0500 |
Matt Goode / Henrik Persson (Corporate Finance) |
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Simon Johnson (Corporate Broking)
Liberum (Joint broker) |
020 3100 2000 |
Robert Morton / Steve Pearce |
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Redleaf Communications | 020 3757 6865 |
Robin Tozer / Elisabeth Cowell |
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Utilitywise is a leading independent utility cost management consultancy, which has established trading relationships with a number of major UK and European energy suppliers and provides services to its customers designed to assist them in achieving better value out of their energy contracts, reduced energy consumption and lower carbon footprint. Utilitywise is a UK company quoted on the AIM market of the London Stock Exchange. For more information, please visit www.utilitywise.com.