Utilitywise shares rise on first half results


Utilitywise shares climbed 5% this morning as the firm published first half results to 31 January.

The third party intermediary posted adjusted earnings before interest, taxes, deductions and amortisation (ebitda) of £3.4m from revenues of £39.7m. It said operating profit was £0.6m.

CEO Brendan Flattery said staff turnover had increased versus the prior year – with 72% of consultants leaving the company during the 12-month period to 31 January, versus a 59% rate of attrition the prior period.

Flattery said uncertainty created by delayed company results, and subsequent suspension of share trading, had been a contributory factor to staff churn. He said he expects softer second half trading as a result, particularly in the firm’s Enterprise division

Flattery said the Corporate division made progress, and pointed to a quadrupling in the number of connected buildings versus the prior year. The company stated 1,221 buildings are now connected to its ‘internet of things’ platform.

The company said net debt had fallen from £19m to £15m.

Utilitywise shares climbed 5% in early trading, though have lost 23% of their value in the last month, and have fallen around 80% over the last year.

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