Video Interview with CEO Brendan Flattery on Utilitywise results
AIM listed Utilitywise plc (LON:UTW) published their full year results to July 2017 yesterday. CEO Brendan Flattery gives an overview of the Group’s performance on the video below, as well as providing comment on the restatement of accounts. Over the year, Utilitywise realised a growth in its customer base of over 4,000, a growth in it’s enterprise division’s closing order book of £4.5m and improvements in efficiencies and reductions in consultant attrition.
The Group have changed accounting procedures with a more conservative revenue recognition procedure. Brendan explains that this effectively defers around 15% of revenues in to future years. Reflecting on the underlying performance of the business, Brendan discusses customer numbers, retention rates, and customer experience stats.
Utilitywise runs two arms. One focuses on SME’s, and the other focuses on larger corporates. The SME division has seen growth of 23% in it’s European customer base, and a growth of 8% in UK & Irish markets. The corporate division has developed technology which will help larger customers reduce consumption . This technology has been developed alongside Dell and Vodafone, with the aim of delivering cost-savings to clients of Utilitywise. Brendan also discusses the Group’s forward strategy, known as their ‘Strategy 2021’, which focuses on growing market share, increasing customer retention, and disrupting markets via technology and employee engagement.