Cost management consultant Utilitywise has reported a modest first-half profit after revenue rose.
Pre-tax profit for the six months to January amounted to £950k, compared to a loss of £12.9m in the previous period, when the company booked large write-downs.
Revenue increased by 3.4% to £39.7m, while adjusted Ebitda rose by 31% to £3.4m.
Chief executive Brendan Flattery said: “The overall performance of the group in the first half is in line with our expectations with revenue, profit and cash flow all improving,”
However, Flattery said a significant delay in the completion of the 2017 year-end audit has had a 'destabilising effect' on several key stakeholders, including colleagues. Accordingly, he said the company expected its enterprise division, in particular, would have a softer second half.
He said “In the short term, we have dealt with a number of legacy issues from earlier years but, looking ahead, I remain excited about the prospects for Utilitywise.”
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