Member Article

Utilitywise posts strong profits for the year

Utilitywise has posted a strong set of results in its final year report, with revenue increases of 32% up to £14.4m. The company’s earnings before exceptional items also significantly improved by 18%, and pre-tax profits rose 23% to £5.4m. The South Shields-based utility firm enjoyed a successful year, as it acquired Eco Monitoring Utility Systems in January, before it raised £6.9m by floating on the stock exchange’s AIM growth market.

The business has most recently completed the purchase of Clouds Environmental Consultancy Ltd, which is an energy and environmental management firm. Utilitywise also celebrated a partnership with City Electrical Factors, which the company secured to promote its energy saving products through the wholesaler.

Utilitywise’s chief executive, Geoff Thompson, said the firm had seen strong growth this year, and it continued to improve its services. He commented: “The significant investment we have continually made in infrastructure means that we are well placed to continue to grow and cater for our customers’ future needs … The new financial year has started strongly and the recent acquisition of Clouds is the first step in our strategy of selective acquisitions to complement our organic growth. Our services have never been more relevant as they both save clients’ money and help reduce overall energy consumption, and our proposed maiden dividend is evidence of our continued confidence in the future.”

This was posted in Bdaily's Members' News section by Miranda Dobson .