Utilitywise response to media coverage
Statement 25 August 2017
Responding to media coverage, following Utilitywise’s trading update published on 24 August 2017, the Company has said:
Utilitywise plc issued a trading update to the London Stock Exchange on Thursday 24th August ahead of publishing its financial results for the year ended 31 July 2017 on 17 October 2017. The full statement can be read here.
In reporting the update, some media articles have said:
- Utilitywise has cut jobs from its salesforce – The overall number of Energy Consultants has reduced from 625 to 550 which is a result of natural attrition where people have left and not been replaced as well as improved performance management. This has improved productivity in the Enterprise division where the gross order book grew 17.3% compared to the prior year. Overall, the Group’s head count is 1,447.
- There have been problems on a customer account which has impacted profits – This is not correct. On 29 June 2017, Utilitywise announced it had agreed to pay £7.6 million to one of its suppliers because of projected under-consumption of contracts it had placed with them. No customers were impacted and Utilitywise has made improvements to its internal controls to reduce the risk of the issue recurring.
In the update, the Board confirms that the Group has performed in line with expectations as previously announced on 31 July 2017. This means the Board expects to report Group revenue for the year of c. 3% higher than the prior year and adjusted profit before tax of c. 40% lower than the prior year. The fall in adjusted profit before tax is primarily because of an adjustment recognised in respect of projected under-consumption of contracts, as announced on 29 June 2017, and the deferral of certain significant renewals contracts, announced on 31 July 2017.
For further information, please contact:
Robin Tozer / David Ison: 020 7382 4730
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.