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Utilitywise narrowing revenue recognition - cash collection gap, says CEO

Published: 22:52 27 Oct 2015 AEDT

Geoff Thompson, CEO of Utilitywise (LON:UTW), says a change in payment terms with a key energy supplier should please investors, as it narrows the gap between revenue recognition and cash collection.

This morning the company said it had secured a “favourable change in payment terms” with a key energy supplier, resulting in an immediate £3.6mln cash payment.

It follows efforts by Utilitywise, which procures the best electricity, gas and water tariffs for businesses, to remove a mismatch between when it recognises payments and when the group is actually paid its commission.

Thompson also comments on the firm's annual results, which revealed a 41% increase in revenues. Pre-tax profits stood at £16.6mln - a rise of 25% while shareholders will receive a dividend of 5p a share.

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