UK - Billing Glitch Sparks Lost Cash : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

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Billing problems spark lost cash Source: Evening Mail Publication date: 2000-05-17

THE extent of Midland utility group Independent Energy's problems over billing its growing army of customers emerged today as it admitted faults had delayed pounds 112 million payments So far the difficulties have cost the Solihull-based gas, electricity and telecoms company pounds 3.8 million - mainly in lost interest.

But today chief executive John Sulley pledged that the worst was now behind the company with measures in place that would resolve the situation 'within a short period'.

Independent, which is listed on both the UK and American stock markets, was forced by regulator Ofgem to stop taking on domestic and very small business customers while 'glitches' in the system were rectified.

Mr Sulley said internal resources had been redeployed to tackle the problem.

The billing troubles overshadowed an otherwise impressive advance with results for the nine months to March 31 showing pre-tax profit up 1,000 per cent to pounds 21.7 million.


-- (, May 18, 2000

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