Member Article

Utilitywise reports continued growth as revenue pipeline hits £28 million

South Shields utility cost management consultancy, Utilitywise, has today reported a significant growth with revenue pipeline at £28 million in the last financial year, up from £16.6 million last year.

Upcoming revenue and adjusted profit before tax figures are expected to be in line with market expectations.

The company’s net cash balances are ahead of market expectations, standing at approximately £9.7 million. This comes as a result of improved commercial terms with a number of energy suppliers.

The continued growths comes after Utilitywise’s acquisition of Czech call centre ICON in April. The firm has also announced that the move to the new North Tyneside NQ is well underway.

Geoff Thompson, CEO of Utilitywise, said: “We are delighted to provide an update on what has been another period of growth for the business, both organically and through acquisition.

The strong trading momentum from the first half of the year has continued into the second half and as a result, we anticipate results to be in line with market expectations which were revised upward at the time of the Group’s interim results.

Progress with the strategic scaling of the business has continued as expected and the planned move to our new facility is on schedule for occupancy to commence in October, providing the necessary capacity to grow total Group headcount to 1,400 over the next two years.

Additionally, following its acquisition in April, ICON is performing as planned, and the Board remains confident in the Group’s future prospects.“

Utilitywise expects to announce its full year results to 31st July 2014, in the final week of October 2014.

This was posted in Bdaily's Members' News section by Ellen Forster .