Utility consultancy gobbles up £10m firm after revenues rise

 
Michael Bow
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Utilitywise works with firms like Krispy Kreme
UTILITIES broker Utilitywise, which counts Krispy Kreme, Dolce & Gabbana and Boots as clients, yesterday unveiled a £10m acquisition as it reported a 42 per cent rise in half year revenue.

The Tyneside-based company, which works with businesses to cut their gas and water bills, has bought UK firm T-Mac Technologies, a tech company offering real time monitoring of utility usage.

Up to £12m will be also be payable if certain earnings hurdles are met. The group is paying £6.25m in cash now and raising the rest from a share placing.

Revenues rose to £29.9m for the six months ending 31 January, up from £21.1m this time last year. Profit before tax rose to £6.4m from £4m in the previous year. “A significant market opportunity exists for continued profitable growth,” boss Geoff Thompson said.

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