£50m order book boost for Utilitywise

Newcastle-based utility consultancy Utilitywise, which employs around 1,600 people, said in a trading update for the six months to January 31 that it “performed in line with management expectations during the period, with double-digit revenue growth compared to the same period last year.”

Utilitywise shares were trading around 184p, giving it a stock market value of around £145 million.

AIM-listed Utilitywise said its enterprise division, which serves small and medium businesses and represented 94% of adjusted profit before tax for the year ended July 31, 2016, performed strongly with an increase in revenue and profit compared to the same period last year.

“Gross order book additions were £50.2 million, compared to £40.4 million in the same period last year and the revenue pipeline, still to ‘go-live’, increased to £28 million as at 31 January 2017 (£25.6 million at 31 July 2016 and £24.7 million at 31 January 2016),” said the company.

“As a result of continued focus on people retention, energy consultant headcount at 31 January 2017 increased to 661, compared to 625 at both 31 July 2016 and 31 January 2016.”

The firm said its corporate division, which services larger organisations and represented 6% of adjusted profit before tax for the year ended July 31, 2016, saw a reduction in revenue compared to the same period last year.

Utilitywise CEO Brendan Flattery: “We are pleased to be reporting the key indicators all showing growth against the prior year in our enterprise division, which continued to impress with an increased order book and a strong revenue pipeline.

“Whilst deployment to certain customers in the smaller corporate division was slower than we had hoped, the division’s prospects, and those of the group as a whole, remain unchanged.

“The opportunities for Utilitywise across all of our markets continue to grow.

“We have made significant progress in the first half in further strengthening the management team, investing in new products and services and implementing new internal initiatives.

“I look forward to providing a more comprehensive update in our interim results statement in April.”

Utilitywise will announce its interim results for the six months ended January 31, 2017 on April 4, 2017.