AN energy consultancy is looking to benefit from the water market deregulation after recording an annual revenue increase.

Utilitywise says revenues stood at more than £84m for the year to July 31, with gross profit also higher at £32.7m.

Earlier this year, bosses at the North Tyneside firm said they expected revenues to touch at least £82m.

Utilitywise helps firms manage power and water bills and Brin Sheridan, chief operating officer, told The Northern Echo the deregulation of the commercial water market in England will provide the company with further revenue opportunities.

“After the deregulation of the water market in Scotland, we gained a few insights into how we can benefit from it.

“There are not huge margins in the short term, but we will have the conversations and look for further customer acquisition.

“Essentially it provides us with a good opportunity.

Utilitywise also revealed UK and Ireland customer numbers increased 23 per cent to 32,000 in the last year, whilst international clients were up 49 per cent to 6,500.

The results come a day after the company announced a new deal with Asda.

Utilitywise will provide the supermarket with software that connects multiple internet-enabled devices, such as heating, air conditioning and refrigeration to one network, reducing costs.

Jon Kempster, chief finance officer at Utilitywise, said he was “generally happy with the numbers.”

“The business has grown steadily. Two years ago, our revenue was under £50m but it is now more than £84m.

“We are continuing to grow and continuing to recruit people.”

Mr Kempster added the deal with Asda showed the variation of customers Utilitywise is now attracting.

“Utilitywise was established to assist the SME market and we found a lot of opportunities in that market space.

“The business has worked across all sizes of customers, whether it be companies like Asda all the way to people simply buying online.

Mr Sheridan added: “We have a confident outlook that is in line with expectations and with an increase in innovation, we have a platform for strong revenue.”

Bosses also told The Northern Echo they expect recent management restructuring at Utilitywise to have a positive impact.

The company announced Mr Kempster was leaving his role as chief finance officer, and would be replaced by Richard Laker.

That appointment follows the announcement earlier this year that Brendan Flattery was to become the company’s new chief executive, replacing Geoff Thompson.

Mr Thompson, who founded Utilitywise and is now executive chairman, said: “I am very pleased with the progress we are making at building a capability that has no direct comparator in the industry.

“Our period of investment has positioned us very well for strong and sustainable growth with our broadened and differentiated offering.”

Commenting on his new role in the company’s full year report, Mr Flattery said: “I am looking forward to driving a new wave of innovation, bringing new products, services and technologies to life that enhance our strong procurement proposition, add value to customers, create direct relationships and differentiate the Utilitywise brand.”