Utilitywise plc, the leading independent utility cost management consultancy, today provides an update on trading for the six months ended 31 January 2016.
The Board is pleased to confirm that the Group has performed in line with management expectations during the period, with continued revenue growth in both UK divisions as well as its European operation.
Significant momentum has been achieved, particularly in our Enterprise division, with gross order book additions totalling £40m in the period. The contract ‘go live’ rate improved in H1 meaning the Group revenue pipeline was £24.7m as at 31 January 2016, slightly lower than at the year end (£23.5 million at 31 January 2015 and £26.2m at 31 July 2015).
Energy Consultant headcount at 31 January 2016 was 625 (449 at 31 January 2015 and 610 at 31 July 2015). Headcount growth has been slightly slower than expected but is expected to increase in H2.
Customer numbers as at 31 January 2016 were 29,288 compared to 22,048 as at 31 January 2015 (25,976 at 31 July 2015).
Net debt at 31 January 2016 was £10.4m (net cash of £1.6m at 31 January 2015, net debt of £6.7m at 31 July 2015), in line with management expectations
Geoff Thompson, Chief Executive of Utilitywise, commented:
“We have made significant progress in the period and are well advanced in building our comprehensive energy solutions and services capability around our core procurement offering. In the second half, we will further increase Energy Consultant numbers and focus on productivity initiatives to further support revenue growth.
“The rate of new customer acquisition has increased compared to extensions and renewals in line with management expectations. We also continue to make progress in aligning supplier commercial terms to improve cash conversion.
“As a result of the significant investment that we are making in the business, we are pleased to be making real progress with a number of our strategic initiatives and expect to report both revenue and profits for the full year in line with management expectations.”
Notice of Results
Utilitywise will announce its interim results for the six months ended 31 January 2016 on Tuesday 19th April 2016.