Utilitywise (UTW)

Business description

Utilitywise is an independent cost management consultancy offering energy procurement and management products to the business market.

Y/E Jul Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2015A N/A N/A N/A N/A N/A N/A
2016A 84.4 18.3 17.7 19.3 2.5 2.7
2017E 83.3 7.0 5.8 6.9 7.0 N/A
2018E 92.5 9.9 8.4 9.1 5.3 4.2

Last updated on 22/11/2017

Investment summary

Following the trading statement (31 July), we updated our forecasts for UTW. For FY17, (using IAS 18), we assumed an additional exceptional charge related to nominated contract volumes, a reduction in revenues to reflect the same issue, as well as a slippage in signing renewals contracts. We also assumed no final dividend payment for FY17 and no dividend for FY18. We also updated our FY18 forecasts (using IFRS 15), reducing revenue projections by c £11m. However, a second trading update (issued on 24 August) indicated that FY17 group revenue would be c 3% higher than FY16 (FY17 c £87m vs our £83.3m) and FY17 adjusted PBT 40% down on FY16 (£10.6m vs our £5.8m). In light of the second statement, our forecasts remain under review. Interim results, originally scheduled for 21 November, have been postponed, due to an additional review of estimates for consumption levels on live contracts.

Last updated on 13/12/2017

Industry outlook

We believe a fragmented UK TPI market provides an opportunity for Utilitywise to continue to grow.

Last updated on 13/12/2017

Key management

Geoff Thompson, Chairman
Brendan Flattery , CEO
Richard Laker, CFO

Company address

Utilitywise House
30-31 Long Row
Market Dock
South Shields, Tyne & Wear
NE33 1JA
United Kingdom
0870 626 0559
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