Utilitywise slides after further delays to full-year results

Energy and water consultancy company Utilitywise announced further delays to the release of its final results for the trading year ended 31 July 2017 after a second independent auditor had completed a review of the group's methodology for determining revenue recognition on its utility procurement contracts.

Changes proposed by the auditor, said to have no impact on cash flows or the underlying economic performance of the group, would reduce the initial revenue recognition value of new contracts and in turn, boost the final revenue adjustment value at the end of the contract's life.

The group anticipated that its year-end audit process would be announced on 31 January, but warned that due to the volume of work required there was a risk that the audit could, yet again, be delayed.

Utilitywise was forced to repay £7.6m to an energy supplier in 2017 after it overestimated the amount of energy being used, the firm admitted on Wednesday that the actual levels of consumption were 18% lower than the figure it had initially posted.

As of 0920 GMT, shares had slid 15.77% to 38.79p.