Utilitywise is a leading independent utility cost management consultancy offering energy procurement and energy management products and services to its business customers throughout the UK. The Company has established trading relationships with a number of the major UK energy suppliers. Utilitywise provides services to its customers designed to assist them in achieving better value from their energy contracts, reducing their energy consumption and lowering their carbon footprint. The Group operates from its headquarters at Cobalt Business Park in North Tyneside and currently employs approximately 1,600 colleagues across its operations.
Utilitywise is a leading independent utility cost management consultancy, providing market-leading energy services designed to assist its customers in achieving better value from their energy contracts, as well as enabling reduced energy consumption and a lower carbon footprint. The Group’s comprehensive offering services to c.35,000 clients from SMEs to multinationals across the UK and is expanding its services into Europe.
Founded in 2006 as a utility services broker, Utilitywise listed on AIM in 2012. Alongside its consistent revenue and profit growth, Utilitywise now occupies an unrivalled position in the market, yet a significant opportunity to expand still exists as every business has the potential to benefit from Utilitywise’s services. The Group has bolstered its expertise and offering through the acquisition of complementary businesses, such as Clouds Environmental Consultancy, Aqua Veritas Consulting, Energy Information Centre and t-mac Technologies. More recently, the Group announced a significant partnership with Dell to further advance its energy services offering.
Utilitywise is passionate about customer service and is proud to say that it saves its customers time, effort, and millions of pounds every year. The Group has a consistent focus on operational excellence and has implemented various strategies to demonstrate this, including investing in its Trusted Advisor position and a continued focus on the customer journey with the deployment of the Utility Management Plan. The Group’s consistently high Net Promoter Score is a testament to the hard work of its teams to ensure customer satisfaction.
With a strong management team in place, continual strategic enhancements to the business model being implemented, and robust financials, the Board is confident in its long term growth.
Utilitywise plc (AIM: UTW), a leading independent utility cost management consultancy, is pleased to announce its audited full- year results for the year ended 31 January 2017.
Post period end highlights:
Brendan Flattery, Chief Executive of Utilitywise, commented:
“The Group has continued its sustained progression in the period, whilst investing and preparing the Group for its next phase of growth. With an extensive portfolio of services in place and a focus on providing a great customer experience, Utilitywise has a strong platform for continued growth.
There continues to be an increasing opportunity for us on both sides of the meter – from providing independent advice on tariffs and helping customers get a better deal on their energy procurement, to providing technology that helps them monitor and reduce energy consumption as well as ensuring compliance and saving money.
In order to further strengthen the Group’s commercial prospects, the Board has taken the strategic decision to discontinue the practice of taking cash advances from suppliers, as well as increasing the transparency of the balance sheet through a number of prior period restatements and the non-cash impairment of our investment in t-Mac. The decision to discontinue cash advances from suppliers and the prior period adjustments will have a one-off impact on net debt but puts the Group in a stronger position to achieve its future growth ambitions.
Against this market backdrop, the Group’s refreshed strategy is aimed at growing customer numbers, cross and upselling its increasing suite of products to those customers, and increasing recurring revenues as a percentage of Group revenues. There are ambitious KPIs in place and the Group is focused on delivery of those.
With clarity of strategy, ambition and focus, Utilitywise enters the period ahead with confidence and looks forward to full year trading in line with expectations and driving longer-term shareholder value.”
1 EBITDA means earnings before interest, taxation, depreciation and amortisation and adjusted EBITDA is stated before exceptional income and costs and non-cash accounting charges for share based payments, as set out in the financial review
2 Adjusted profit before tax is stated before exceptional income and costs, non-cash accounting charges for share based payments and amortisation of intangible assets acquired through business combinations, as set out in the financial review
3 Adjusted earnings per share is stated before exceptional income and costs, non-cash accounting charges for share based payments and amortisation of intangible assets acquired through business combinations and the tax impact of those items, as set out in Note 6
4 Order book means total value of closed transactions in the period, which may either be included within revenue in the period or is included within future secured revenue
5 Restated, as set out in the financial review and in Note 10.