LONDON (Alliance News) - Utilitywise PLC Wednesday said it had revised higher its pretax profit for the recent full year, resulting in a 78% increase from the year before, as new investments developed the company's sales portfolio.
The utility cost-management consultancy group said its audited pretax profit increased to GBP7.4 million for the twelve months ended July 31, from GBP4.2 million the previous year.
Earlier this month, the company had reported unaudited pretax profit of GBP5.8 million for the period, up from GBP3.5 million a year earlier. Utilitywise said it had re-assessed the discount rate used when fair valuing revenues, leading to an increase in its profits for both periods.
The company said its sales increased 72% during the period to GBP25.3 million from GBP14.7 million the previous year as the company's acquisitions of Clouds Environmental Consultancy Ltd., Aqua Veritas Consulting Ltd. and Energy Information Centre Ltd. during the year added further products, services, expertise and market reach.
The company also said it more than doubled its secured contracts waiting to go live as of July 31 to GBP16.6 million from GBP7.1 million the previous year.
Utilitywise shares were up 7.0% to 219.90 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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