Change to payment terms with existing supplier

19 April 2016

Utilitywise plc

("Utilitywise" or the "Group")

Favourable change to payment terms with existing supplier

Utilitywise plc (AIM:UTW), a leading independent utility cost management consultancy, is pleased to announce an immediate change to its existing payment terms with another key energy supplier.

The supplier has agreed to amend its terms such that any future extension secured to a contract that has not expired receives the same cash payment terms as for a new contract, in this case 80% of the expected revenue from the contract falling due on the extension signing and the remainder at maturity subject to the normal reconciliation process. We have also agreed that this change of terms will apply to historic accrued revenue balances and we will therefore receive £2.251 million (inc VAT) in cash from the supplier prior to the Company's financial year end on 31 July 2016.

 Geoff Thompson, Chief Executive of Utilitywise, commented: 

"This is another success in harmonizing terms with an important supplier and we are pleased to receive the cash payment earlier than originally due. A key focus for our business is improving cash conversion and hence this change of commercial terms is a very positive achievement."

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