CUSTOMERS’ enduring desire for a good deal means an energy consultancy remains well placed to grow in a “buoyant” market, bosses have told The Northern Echo.

Utilitywise officials say the ground is fertile for development after clients’ efforts to trim tariffs pushed its order book 18 per cent higher.

The bullish outlook came today (Monday, July 31) after management revealed they expect fullyear group revenues to be around £4.5m below previous expectations, highlighting what they described as “little hitches” to contracts outside their control, which have extended agreements beyond its July 31 cut-off point.

Bosses also took the opportunity to announce the early introduction of a mandatory new accounting standard as of todmorrow (Tuesday, August 1).

Scheduled to be implemented by August next year, Utilitywise says it has moved quickly to clarify revenue streams going forward.

The North Tyneside company helps firms manage power and water bills, with its services including the Smart- Dash and Wiselife Connect software, known for helping customers view gas, power and water use and remotely control electrical devices, respectively.

Under its accounting changes, the firm will now identify two strands of income streams in the same way, meaning revenue across the board will be recognised when a contract goes live, rather than when it is signed.

Brendan Flattery, chief executive, told the Echo the company was set fair, saying its anticipated revenue dip was counterbalanced by the aforementioned issues surrounding some deals and its expectation of reporting higher gross order book additions in the year to July 31.

He said: “The market remains buoyant and there are still lots of customers looking to switch to save themselves money and looking for us to support them.

“This is a business where its order book is growing; there is 18 per cent growth in the order book.

“We have taken the decision to adopt the new accounting standard, IFRS 15, as early as possible.”

Mr Flattery also played down any significant impact of a previous announcement in June, wherein Utilitywise revealed it was repaying a supplier £7.6m following lower-than-expected usage levels.

At the time, the company said the move was in response to a client discovering “apparent material levels of under-consumption in certain contracts”.

Mr Flattery added: “It was a legacy issue and we identified it.

“We have rebuilt that relationship and are working with the supplier.”