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Newcastle’s Utilitywise continues growth story as revenues rise 11% for the year

Utilitywise, the Newcastle-based utility cost management consultancy, has reported a strong sales year, with the group’s enterprise division performing particularly well.

Announcing its financial results for the six months ended 31 January 2017, the firm reported an 11% rise in revenue from £41.6m last year to £46.1m. Moreover, adjusted profit before tax rose by 4% from £9.1m to £9.4m.

Revenue added to the company’s order book during the period increased by 24% to £50.2m, up from £40.4m in the first half of last year, whilst its future secured revenue increased 13% to £28.0m.

The business also grew the headcount of its energy consultants by 6%, meaning Utilitywise now employs 661 people in the sale of its services.

The increase was reflected in the group’s customers which increased by 17% to 40,855, up from 35,064 in the first half of last year.

Brendan Flattery, Chief Executive Officer, commented: “The Group has continued its sustained progression in the period, whilst investing and preparing the Group for its next phase of growth.

“With an extensive portfolio of services in place and a focus on providing a great customer experience, Utilitywise has a strong platform for continued growth.

“There continues to be an increasing opportunity for us on both sides of the meter - from providing independent advice on tariffs and helping customers get a better deal on their energy procurement, to providing technology that helps them monitor and reduce energy consumption as well as ensuring compliance and saving money.”

Brendan added: “With clarity of strategy, ambition and focus, Utilitywise enters the period ahead with confidence and looks forward to full year trading in line with expectations and driving longer-term shareholder value.”

The business also reported this morning that Geoff Thompson, founder and Executive Chairman of Utilitywise, is stepping into the role of Non-Executive Chairman with immediate effect.

Geoff Thompson, Non-Executive Chairman of Utilitywise, explained: “One of my priorities on becoming Executive Chairman was to make sure we assembled the strongest possible executive team.

“With that team now in place and with a compelling strategy to deliver on a number of ambitious targets by the end of 2021, this is a logical point at which to step away from the day-to-day running of the business whilst maintaining continuity via a non-executive role.

“Whilst I am very proud of the capability we have built across the Group, I firmly believe we are still only really scratching the surface in terms of the opportunities available to us, and have every confidence in the ability of Brendan and the rest of the management team to successfully guide the business through its next phase of growth.”