Shares in Aim-traded Utilitywise (UTW) initially plunged 11 per cent following a second-half trading update, despite management stating trading is in line with expectations. Management said the focus of its core enterprise division had temporarily shifted onto renewing and extending energy contracts for its existing customers during the six months to 31 January 2015, capitalising on the introduction of longer-term energy supply contracts by some energy suppliers.
As anticipated, the smart metering company's revenue pipeline was down almost a fifth on 31 July to £23.5m due to the emphasis on renewals. However, this has not impacted revenue or profitability during the first half. Management said it would switch back to focusing on new customer wins during the second half of the year.
