Utilitywise boosted by huge revenue rise
Tue, 28th October 2014

Utilitywise boosted by huge revenue rise

Utilitywise has almost doubled its revenue in a period of "significant growth" as it enters the new financial year with a strong pipeline of work.

The North Tyneside-based energy management company reported revenue for the year end 31 July 2014 of £48.6m compared to £25.3m the previous year – an increase of 93 per cent.

Gross profit levels also increased 82 per cent from £12.1m to £22.1m.

Geoff Thompson, chief executive of Utilitywise, said the results demonstrated the momentum the company has established "as a result of both organic growth and the successful integration of our recent acquisitions".

One of the acquisitions was the takeover of ICON Communication Centres, a Czech Republic-based provider of contact centre services, for an initial payment of €1.08m (£890,398).

As a result of the acquisitions made over the past two years, Utilitywise has been re-organised into two divisions, Enterprise and Corporate. Chairman Richard Feigen said "both have performed well throughout the year".

Thompson added: "Our continued strong performance is evidence of the strength of our proposition, the hard work of our people and most importantly the value we add to our customers.

"We enter the new financial year with a very healthy level of contracted revenue as well as a strong pipeline and, as a result, the board remains confident in the group's continued success."

The board recommended a final dividend payment of 2.7p per share, making a total of 4.0p for the year, and "continues to view the future with confidence".

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category North East  |  source Insider Media