Company looking to expand its services on back of profit

Utilitywise PLC building at Cobalt Park Way, Cobalt Business Park, North Tyneside.'REF 2611142982
Utilitywise PLC building at Cobalt Park Way, Cobalt Business Park, North Tyneside.'REF 2611142982

A leading energy consultancy company has announced a major acquisition on the back of a half-year of growth.

Utilitywise, which moved to Cobalt Business Park last year, has taken on the entire issued share capital of t-mac Technologies for an initial consideration of £10m.

This acquisition continues to expand our broad range of services that address the breadth of our customers’ energy needs

Utilitywise chief executive Geoff Thompson

The company is celebrating interim results for the six months ended January 31, which show revenue increased 42 per cent on the same period last year, going from £21m to £29.9m while adjusted pre-tax profit rose 49 per cent from £4.9m to £7.3m.

t-mac Technologies offers cloud-based technology, alongside assets and skills that Utilitywise intends to use to offer new value-added subscription services as part of a utility management plan.

Utilitywise chief executive Geoff Thompson said: “This acquisition continues to expand our broad range of services that address the breadth of our customers’ energy needs.

“The acquisition of t-mac Technologies will play a major role in helping us to deliver significant added-value services and develop closer, more profitable relationships with existing customers, as well as supporting our new customer acquisition strategy.”

Mr Thompson added: “The Group has continued to make progress with impressive growth in both revenue and EBITDA

“The move to our new Head Office was completed on schedule and on budget in November 2014, enabling us to accelerate the recruitment of additional staff in order to drive future growth and the progress with this is in line with our plans.

“New customer acquisition remains an important priority and, in line with this, we are pleased to report that March 2015 represented the highest monthly customer acquisition performance for the Group in its history.

“A significant market opportunity exists for continued profitable growth and we look forward to a second half of continued positive momentum.”