ENERGY and utilities consultancy Utilitywise appears on course to hit a turnover of £25m in its first full year listed on the stockmarket.
The South Shields business, listed on the AIM last year, said it performed in line with management’s expectations in the six months to the end of January.
Utilitywise, which helps businesses tackle soaring electricity, gas and water bills, said it was “comfortably ahead” of its previous six monthly reporting period to July 2012.
Chief executive Geoff Thompson said: “We’re pleased to announce we’re in line with expectations. We have a £25m turnover forecast and at the half- year point, we are in line.
“We’ve continued to grow and our head count is now 450 people in the North East. We’re very pleased with the progress.”
Utilitywise works with clients ranging from independent high street shops to multi-nationals with thousands of sites across the country.
The business expanded into the French market, signing a two-year contract with Tegaz, a division of Total S.A – the world’s fifth biggest oil and gas group. The contract will increase Utilitywise’s French staff from six to 35 staff to sell Tegaz gas supply products across the Channel.
The company, which is also continuing to focus on Germany, was started by father and son team Geoff and Adam Thompson six years ago. It listed on the stock market last June, becoming the first North East business to float for five years.
The company’s sales jumped by 25% to £14.6m and pre-tax profits increased by 23% to £4.3m in the year to the end of July 2012. It plans to announce its interim results for the six months to January 31 in the third week of April.