AN ambitious energy and utilities consultancy has confirmed it is to raise nearly £7m next week when it becomes the first North East company in five years to list on the stock market.
Utilitywise, based at South Shields, has quickly grown to employ 230 staff and is raising £6.9m before expenses through a placing of 11,425,842 shares at 60p each.
The company, which will launch on the Alternative Investment Market of the London Stock Exchange next Tuesday (June 12) will be valued at £36.9m on its flotation.
Chief executive Geoff Thomson says the firm has grown strongly over the last three years and the trend is continuing. In the six months to January 31 2012, revenues were 52% ahead of the same period in 2011.
He said: “We’re delighted to have received such strong support and welcome some major institutions as shareholders in our company.
“Since 2006 we have helped thousands of UK businesses to not only find the best energy tariff to suit them, but also to help them manage their energy consumption much more effectively and lower their carbon footprint.
“We have invested heavily over the years in our proprietary IT infrastructure and unique products, which highlight energy inefficiencies and enable our customers to make significant savings on their energy spend.
“The additional funds that we have raised will allow us to increase our headcount and thereby reach a greater audience, consider complimentary acquisitions and also look to certain European markets where recent deregulation presents real opportunities.
“This is a very exciting time for Utilitywise. With strong revenue visibility, a unique product offering backed up by our own proprietary IT and our outstanding employees, the board look to the future with great confidence.”