Utilitywise first half in line with expectations

Utility cost management consultancy Utilitywise said its performance in the six months to the end January was in line with management expectations and the full year should also be in line.

The company said in a trading update that it saw continued revenue growth in both UK divisions and the European operation.

In the Enterprise division, gross order book additions totalled £40m in the period.

Meanwhile, the contract ‘go live’ rate improved in the first half, meaning the group revenue pipeline stood at £24.7m as at 31 January 2016, slightly lower than at the year end.

Energy consultant headcount was 625 at the end of January compared with 610 at the end of July and 449 in the same period the year before.

Customer numbers, however, were up at 29,288 from 22,048 at the end of January 2015 and 25,976 in July.

Chief executive Geoff Thompson said: "We have made significant progress in the period and are well advanced in building our comprehensive energy solutions and services capability around our core procurement offering.

“In the second half, we will further increase Energy Consultant numbers and focus on productivity initiatives to further support revenue growth.”

The company is due to report its interim results on 19 April.