Member Article

Utilitywise maintains momentum to surpass the £40m revenue mark

Utilitywise plc, the North Tyneside-based independent utility cost management consultancy, has reported a 36% revenue increase to £41.6m, up from £30.6m for the same period last year.

This morning announcing its financial results for the six months ended 31 January 2016, the firm saw its pretax profits for the period jump from £7.1m to £11.9m.

The firm has also reported a 33% increase in total customers to 29,288, up from 22,048, As a result, the energy consiultants working for Utilitywise rose by 39% to 625, up from the 449 people working for the firm in the first half of last year.

In addition to announcing its H1 results today, Geoff Thompson, Chief Executive of Utilitywise, also announced he would be stepping down as the group’s CEO. Read the full story here.

Commenting on the financials, Geoff said: “The Group has continued to drive growth across all of its KPIs including strong growth in revenue and EBITDA. Enterprise, inclusive of Europe, and the Corporate division have performed well in the first half and I am very pleased to see the positive momentum maintained.

“We have continued to strengthen the Group operationally with the continued roll out of our Utility Management Plan and further progress with the Group’s multi-channel offering - both of which contribute to the Group’s continued organic growth.

“The market opportunity to assist customers to procure gas, power and water efficiency to comply with regulation and importantly enable them to manage their energy usage is significant and we look forward to building on our unrivalled position in the market to drive further growth.”