Utilitywise plc sees revenue grow over £65m

North Tyneside’s Utilitywise plc, based at Cobalt Business Park, achieved revenue of £67.8m to the year ended July 31 2017.

For the year ended July 31 2017, the cost management company’s adjusted loss before tax stood at £8.5m, a decrease of £10.2m compared to 2016.

However, the company reported a growth in the total number of customers; its order book grew with sales worth £4.5m. In total, Utilitywise plc’s revenue stands at £67.8m.

Simon Waugh, non-executive chairman, said: “The past 12 months have been difficult for the group and all of its stakeholders, not least for its shareholders.

“The board has been dealing with a number of challenges, including increasing the transparency of its capital structure. [This] has led to the adoption of what the board considers to be a conservative recognition policy in respect of revenue on procurement contracts.”

Brendan Flattery, chief executive officer, added: “We are particularly pleased with the performance of the corporate division which has seen continued growth in the first half and is expected to continue to grow in the second half of the year.

“However, the significant delay in the completion of the 2017 year-end audit has had a somewhat destabilising effect on several key stakeholders of the group. It is now expected that the Enterprise division to have a softer second half of the financial year, due to these short-term uncertainties.

“We remain confident of the long-term growth prospects of all parts of the business and are working to ensure that the impact on the business is a short-term one.”