Pulse on Fast Track to Profitability

Pulse on Fast Track to Profitability

Pulse Utilities, New Zealand’s fastest growing electricity retailer has achieved excellent results on financial targets for the year-to-date. Figures released at the Company’s AGM today reveal a revised financial forecast of negative $0.9 million in Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) for the year ended 31 March 2011. This was an improvement of $350k on the previous forecast. A revised forecast for the year ended 31 March 2012 was also announced for a positive EBITDA of more than $6.5 million.

Commenting on the figures, Acting Chairman Joseph van Wijk said he attributed the revised forecast to outstanding customer acquisition levels over recent months. “We have consistently outperformed the country’s larger electricity retailers in gaining new customers. Pulse continues to stimulate market competition and this is bringing electricity prices down.” He said the company is delighted to have further evidence that it is on the fast track to achieving its financial goals.

Changes in Electricity Governance rules coming into effect on 1 October will further enhance Pulse’s ability to attract customers by reducing the amount of time it takes to switch electricity retailers. Switching times will be reduced from 23 days to just 5 days.

Pulse also announced today that Dene Biddlecombe's position would change from ‘CEO and Director’ to 'Managing Director' effective immediately. "The change is a better description of Dene's role given that he is a key member of the board and the company's top executive. We want to recognise Dene's achievement in leading Pulse’s transition from a start-up electricity retailer when he arrived 18 months ago to what it is today; the fastest growing electricity retailer in New Zealand", van Wijk said.

About Pulse Utilities:
Incorporated in 2004, Pulse Utilities New Zealand Limited developed unique and
patented technology to easily and efficiently measure utility usage through their Smart Meter device. In 2007, the company was listed on the NZAX.
www.punz.co.nz

About Pulse Energy:
Pulse Energy is the trading name of Pulse Utilities New Zealand (PUNZ). Pulse Energy is the only electricity retailer that specializes in time-of-use metering, providing customers with time-of-use pricing (discounted rates at different times of the day) which enables them to shift their energy usage to more cost effective and environmentally friendly times. It is also the country’s fastest growing independent electricity retailer*.
* According to the official figures provided by the Energy Commission - Pulse Energy gained 1,208 new
Customers in June - making it the fastest growing energy retailer in New Zealand, for the month, edging out
several larger competitors from the top spot.
www.pulseenergy.co.nz

About Just Energy
Just Energy is a New Zealand owned energy retailer which specialises in competitive energy pricing. Just Energy is committed to the highest levels of integrity and ethical standards in its business practice.
www.justenergy.co.nz

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