Utilitywise hikes yearly dividend, names new chief operating officer

In the year to 31 July, the London-listed company posted pre-tax profit of £14.1m, representing a 20.5% year-on-year increase, while revenue soared 41.3% to £69.1m.

The significant upturn in revenue boosted gross profit for the year, which rose 35.3% year-on-year to £30.3m, while earnings before interests, tax, depreciation and amortisation grew 22.7% to £17.8m.

In a statement released on Tuesday, Utilitywise attributed the growth in revenue to the continued increase in the number of customers, which stood at 26,000 at the end of July compared with 10,000 when the company announced its initial public offering four years ago.

"We have slowed and refocused our recruitment in recent months to ensure that we have the highest quality of staff capable of delivering our trusted advisor strategy effectively and increasing our new customer conversion rates," said group chief executive Geoff Thompson.

In separate statement, the group has also announced improved commercial terms with a major supplier for its extensions business, whereby 80% will be paid on the extension signing.

"This is good news and results in a £3.6m cash payment taking pro-forma gross cash to over £10m and reduces the accrued income line by 13% as well as further closing the gap between cash received and income recognised," analysts at FinnCap said in a note.

Meanwhile, the company confirmed the appointed of Brin Sheridan as its new chief operating officer.

"Brin brings a wealth of experience from his previous roles and will be integral in ensuring that, as our range of products and services grows, we are well-placed to continue on our growth trajectory," said group chairman Richard Feigen.

Utilitywise shares were down 4.88% to 167.40p at 1503 GMT on Tuesday.