5th Jul 2018 11:16
LONDON (Alliance News) - Utility cost management consultancy Utilitywise PLC said on Thursday that following its completed 2017 audit process, it will now focus on the targets for its Strategy for Growth 2021.
Previously, Utilitywise's objectives were to increase its small & medium enterprises market share to 7% from 2%, increase its customer numbers to 130,000 from 30,000, and gain a 5% share in the UK & Ireland corporate controls market.
In addition, Utilitywise has now added two financial targets. These are underlying free cash flow of at least GBP10 million in the year ending July 2021, and to achieve a group net cash position.
In its Enterprise division, Utilitywise will work towards these targets by optimising its core proposition by improving efficiencies, grow a new inbound sales channel through a price comparison website, and cross- and up-selling other utilities and relevant products and services to customers to add value.
For the Corporate division, this involves buildings strategic partnerships and growing its Internet of Things offering.
For the International region, although Utilitywise sees an opportunity to develop its core business over the medium term, during its 2019 financial year the company's business focus will be on the UK market.
"Utilitywise is firmly focused on significantly increasing its market share by broadening its target market and the services it provides its customers, in order to drive returns for shareholders. That means the company will have to evolve its proposition and channel strategy, as detailed above, while optimising operational productivity. The strategy update outlined today will enable Utilitywise to meet its two new financial targets, as well as maximising the medium term potential from the business," said Chief Executive Officer Brendan Flattery.
Shares in Utilitywise were up 6.1% at 32.35 pence on Thursday.