Utilitywise Plc To Trade On Aim

Utilitywise Plc To Trade On Aim

Utilitywise, a leading independent utility cost management consultancy based in South Shields, Tyne and Wear, is pleased to announce the admission on 12 June of its ordinary shares to trading on the AIM market of the London Stock Exchange and the commencement of dealings in its ordinary shares under the ticker UTW.

Utilitywise, a leading independent utility cost management consultancy based in South Shields, Tyne and Wear, is pleased to announce the admission on 12 June of its ordinary shares to trading on the AIM market of the London Stock Exchange and the commencement of dealings in its ordinary shares under the ticker UTW.

Utilitywise has raised £6.86 million before expenses through a placing of 11,425,842 new ordinary shares at a placing price of 60p per share with institutional investors. At the placing price, Utilitywise has a market capitalisation of £36.9 million on admission.

finnCap are Nominated Adviser and Broker to the Company.

Utilitywise has achieved strong growth to date, almost trebling its revenues in the year to 31 July 2011 to £11.7 million and growing profit before tax to £3.5 million. The Directors believe that this growth has been achieved as a result of its focus on three key areas:

  • investment in IT infrastructure
  • focus on business process management
  • development of its energy management products and services

The Group operates from its headquarters in South Shields where it currently employs around 230 staff across its operations.

Use of proceeds

The proceeds will provide the Company with the opportunity to further grow organically, particularly through increasing headcount and in further developing the Company’s energy management products and services.

In addition, the Directors have identified a number of potential acquisition targets which they believe would offer either increased volume in the energy procurement business or good synergies with the Company’s products and services.

The Directors also intend to continue to explore opportunities to expand in overseas markets, with an initial focus on France and Germany.

Current Trading

Utilitywise has grown strongly over the last three years and the trend is continuing. In the six months to January 31 2012, revenues were 52 per cent ahead of the same period in 2011. The Directors are continuing to see strong growth in the year to date and look forward to the future with confidence.

Geoff Thomson, Chief Executive, of Utilitywise, commented:

“We’re delighted to have received such strong support and welcome some major institutions as shareholders in our Company. Since 2006 we have helped thousands of UK businesses to not only find the best energy tariff to suit them but also to help them manage their energy consumption much more effectively and lower their carbon footprint.

“We have invested heavily over the years in our proprietary IT infrastructure and unique products which highlight energy inefficiencies and enable our customers to make significant savings on their energy spend. The additional funds that we have raised will allow us to increase our headcount and thereby reach a greater audience, consider complimentary acquisitions and also look to certain European markets where recent deregulation presents real opportunities.

“This is a very exciting time for Utilitywise. With strong revenue visibility, a unique product offering backed up by our own proprietary IT and our outstanding employees, the Board look to the future with great confidence.”

Utilitywise

Posted by on Wednesday, the 6. June at 15.32

Utilitywise has been helping businesses manage their business utilities since 2006. With over 40,000 customers across Europe, we help businesses save time, save effort and save money by reducing their energy and water consumption.