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Cost management consultancy Utilitywise (LON:UTW) reported that its enterprise division continued to struggle during the later months of the year ended 31st July, with its order book at the end of the period standing 17% lower than at the same point in 2017. Management did highlight some bright spots, including an increase in the total number of enterprise customers and the Corporate arm’s underlying EBITDA increasing by 252%.
CEO Brendan Flattery commented that: “The second half of the financial year was challenging, for reasons that were well-publicised, as the Group continued to deal with a number of legacy issues. However, we have also remained focused on delivering our Strategy for Growth 2021 and have already taken some significant steps to capture the considerable growth opportunities we see in both the Enterprise and Corporate divisions.
“We expect the new financial year to be key as we see increased progress in the execution of our strategy. In the Enterprise division, this will mean continued improvements to efficiency and profitability as well as the optimisation of our channel mix, including growth from our new inbound channel. In the Corporate division, we expect further revenue growth from our Internet of Things proposition, with which we are delighted to collaborate with Vodafone and Dell.
“Despite the issues we have faced, the opportunities available for growth mean that we remain excited about the long-term prospects for Utilitywise and delivering value to shareholders.”
Shares in Utilitywise dropped by 7.08% to 26.25p (as of 12:45 BST).