Energy management services provider Utilitywise joined AIM on 12 June and its shares went to a premium of 2.5p a share at the close of the first day’s trading.
The focus is advising businesses reduce their energy consumption and costs. The customer pays nothing for the services because Utilitywise gets its revenues from the energy suppliers through commissions on the value of the contract. .
South Shields-based Utilitywise raised £6.86 million in a placing at 60p a share. That valued the company at £36.9 million. The cash will be used to finance further development of products and services and fund the appointment of more staff. There are also plans to expand in France and Germany. There are also potential acquisition targets. These acquisitions could be of energy assessment businesses and companies offering wireless and internet-enabled controls.
Interim revenues for the six months to January 2012 were 52% ahead of the previous first half.
Utilitywise is expected to make a profit of £4.1 million in the year to July 2012, rising to £6.6 million in 2012-13.
Market: AIM
Symbol: UTW
Price: 62.5p
12-month high/low: 64.9p/62.5p
Market cap: £38.5 million
