Utilitywise hoping to raise £10m through AIM float
Energy company set to become AIM's first North East entrant in five years
South Shields-based energy consultancy Utilitywise is to float on the Alternative Investment Market (AIM) – the first North East company in five years to do so.
The company, which was founded in 2006, is launching with an initial funding target of £10m. If the target is achieved, the business will be valued at around £50m. Since launching six years ago, Utilitywise has grown to comprise more than 250 employees and 8,000 customers. The firm recorded turnover of £11.7m in the last financial year. Building on this impressive recent track record, CEO Geoff Thompson is eyeing further growth.
He said: “We founded the business in 2006 and it has been growing year on year ever since. We hope to raise £10m in order to hire more staff, develop our energy services and secure more business customers both in this country and overseas. “We’ve always placed emphasis on growing organically as a business and we currently have no debts. By listing our company on the stock exchange we can continue to grow our revenue in this way.”