Utilitywise share trading suspended as results delayed further


Trading of shares in third party intermediary Utilitywise has been temporarily suspended after the firm confirmed it would not be able to publish its financial results by 31 January.

The company trades on the Alternative Investment Market (AIM). Under market rules, it had to post financials for the year to July 17 by 31 January to allow share trading to continue.

The company notified markets this morning it would not be able to do so.

Utilitywise is working to revalue around 330,000 contracts following changes to its accounting processes. The company found it had overestimated energy consumption by clients across the life of their energy contracts.

Utilitywise said the delay does not relate to its banking arrangements, nor trading, cash flows or other underlying economic position of Utilitywise in either FY17 or the current financial year.

The company said it would provide an update on when it expects to publish full year results as soon as it is in a position to do so.

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