Member Article

North Tyneside’s Utilitywise posts strong financials to reflect ‘year of progress’

North Tyneside-based energy company, Utilitywise has announced strong growth in revenue and pretax profit for the year.

Posting its audited full year results for the year ended 31 July 2015, the energy, carbon and water consultancy today revealed a surge in turnover to £69.1m, up from £48.9m last year, an increase of 41%.

The firm also reported a leap in pretax profits, with figures jumping to £14.1m up from £11.6m, emphasising the North East company’s continued growth over the past year.

Geoff Thompson, Chief Executive of Utilitywise, explained: “The past year has been one of continued progress. We have maintained our growth aspirations and we are well advanced in the roll out of our multi-channel approach to the entire addressable market.”

Key highlights for the year included the acquisition of t-mac Technologies, the strengthening of the management team with Brin Sheridan’s appointment and a customer base now exceeding 27,000 people.

Geoff continued: “We have complemented our capabilities in the year with the acquisition of t-mac Technologies and now can take a customer through the entire journey of procuring their energy, ensuring compliance, monitoring and reporting usage, and controlling and reducing their energy consumption.

“Our management team has been further strengthened and I am delighted to welcome Brin Sheridan to the Group. Brin will assist us along with the rest of the Executive team to deliver this exciting opportunity we have to increase our market share.

“We have slowed and refocused our recruitment in recent months to ensure that we have the highest quality of staff capable of delivering our Trusted Advisor strategy effectively and increasing our new customer conversion rates. Since period end the Group’s UK customer base has increased further to 27,265 as at 30 September, with a corresponding increase in secured but not yet recognised revenue to £28.3m as at 30 September compared to £26.2m at period end.”

He added: “Our outlook for the coming years remains extremely positive and we look forward to welcoming thousands of new customers to the services and products we can deploy to help them optimise their energy usage and to save money.”

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