Utilitywise share price up as company announces rise in revenue and a new role for chief executive Geoff Thompson

 
Hayley Kirton
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Krispy Kreme is one of Utilitywise's customers (Source: Getty)

Utilitywise today announced a spike in sales and a new role on its board for founder and chief executive Geoff Thompson.

The utility management company, which counts Krispy Kreme and HSBC as clients, revealed that revenues had risen to £41.6m in the six months ending January 2016, up 36 per cent from £30.6m the year before.

Meanwhile, adjusted pre-tax profits had grown to £9.1m, up 17 per cent from £7.8m, and total customer numbers had increased to 29,288, up 33 per cent on 22,048.

"The combination of our market-leading procurement business alongside our energy services offering is a compelling proposition," said Thompson. "The market opportunity to assist customers to procure gas, power and water efficiency to comply with regulation and importantly enable them to manage their energy usage is significant and we look forward to building on our unrivalled position in the market to drive further growth."

The company also announced today that it planned to move Thompson to the role of executive chairman. A "high calibre external candidate" has been earmarked to replace Thompson as chief executive.

Thompson said: "At this time of evolution and growth for Utilitywise, I am looking forward to starting my new role as executive chairman, which will enable me to focus on group strategy and key client relationships whilst remaining firmly involved in the business."

Richard Feigen, who is the current chairman of the company, will become a non-executive director.

Additionally, Utilitywise has made two notable hires recently, appointing Brin Sheridan as operating chief and Adrienne McFarland as people operations director.

The company also announced a boost to its proposed interim dividend to 2.2p per share, up 29 per cent on the prior year's 1.7p.

Shares in the Aim-listed company were trading up 8.4 per cent at 196.5p shortly before 2pm London time.

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