Utilitywise revenue leaps 105% to £21m

South Shields-based energy consultancy company Utilitywise has seen a 105% rise in revenues to £21m in its half-year results out this morning

Geoff Thompson of Utilitywise
Geoff Thompson of Utilitywise

Utilitywise, the South Shields-based energy consultancy company, today unveiled a massive leap in its revenues for the six months to the end of January.

The firm, which manages energy and water meters for public and private sector companies, saw turnover shoot up by 105% to £21m, while gross profit increased 110% to £9m.

The impressive results were attributed to £27m-worth of new business secured in the half-year, growth of the customer base and integration of recent assets, as well as continued expansion of the energy consultants team, which now numbers 347.

Utilitywise chief executive Geoff Thompson said: “Utilitywise has continued to make impressive progress, with improvement in all of our key metrics. With our current positive momentum, we now anticipate our performance for the full year will be slightly ahead of current market expectations.

“These results demonstrate the strength of our proposition, our continued ability to scale our business model and the important differentiation we have achieved through our on-going development of our energy management products and services.

“Alongside the impressive organic growth achieved we have successfully created value through strategic acquisitions. We continue to investigate potential acquisitions to broaden our energy services offering and increase shareholder value.

“In light of the ongoing debate over energy costs, and the keen interest being shown in the sector by government and the regulator, Utilitywise is well positioned to provide commercial customers of all sizes with the right energy solutions to meet their individual needs.”

In February, the firm announced a record value of contracts at £23.8m, paving the way for today’s headline figures.

Utilitywise also announced today that it has bought Prague-based communication company ICON, which operates a call centre employing 150 people in the Czech Republic.

An initial £1.08m has been paid for ICON, with an additional £1.2m due by the end of April next year.

Geoff Thompson said: “Our initial testing of the European market is showing early positive results and the addition of ICON to the group provides us with a European footprint from which to expand our services in Europe to the full intermediary procurement model that we employ in the UK.

“While the opportunity in the UK remains large and our primary focus, we are encouraged with the positive reception to our offering in the European energy markets and look forward to pursuing this opportunity.”

Utilitywise already has a long-standing partnership with the French oil and gas TOTAL, marketing its Total Gas and Power (TGP) supply services in a number of European markets. TGP and Utilitywise have now agreed to expand their operations with two contracts, running until the end of 2016.

The first will see 20 jobs created in Prague for TGP telesales services to France, while the second involves a move into the German business-to-business market.

TGP senior vice-president Jon Shead said: “These proposed new co-operations between TGP and Utilitywise re-affirms our confidence in the ability of Utilitywise. We believe in their ability to deliver the types of telephone based services that we need to support our continued growth and delivery of strong customer services.

“We have worked with Utilitywise over a number of years and we appreciate the strength of their business model and the performance focus of their management.”

As well as its riverside base on South Tyneside, Utility also has offices in Portsmouth, Redditch, Leicester and Bury St Edmunds.

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