Yu Group PLC Trading Update and Notice of Results (1241D)
January 29 2018 - 2:00AM
UK Regulatory
TIDMYU.
RNS Number : 1241D
Yu Group PLC
29 January 2018
29 January 2018
Yü Group PLC
("Yü Group" or the "Group")
Trading Update and Notice of Results
Yü Group PLC (AIM: YU.), the independent supplier of gas and
electricity to the UK corporate and SME sectors, is pleased to
provide a trading update in respect of the year ended 31 December
2017.
It is anticipated that Group revenues for the year will be
significantly ahead of current market forecasts. Given the
continued rapid growth opportunities available to the business, the
Group has elected to make additional investment in headcount and
fixed costs. However, the Board is confident that the Group will
report operating profits ahead of current market expectations.
The Group had net cash at the period end of GBP5.0 million (FY
2016: GBP5.2 million) excluding collateral deposits with energy
market counterparties of GBP600,000. These funds continue to be
utilised to support the Group's hedging policy. Cash generation in
the second half of the year was, as expected, lower than the first
half due to the payment of certain industry levies during this
period. The Group's balance sheet remains strong and the business
continues to be cash positive going forward.
The Group continued its strong sales momentum in H2 2017 with
contracted revenue for FY 2018 rising from GBP23.2 million at the
time of the announcement of the interim results in September 2017,
to more than GBP50 million at the year end (FY 2017: GBP20.0
million).
It has become increasingly apparent that the opportunity for the
Group mainly rests within the medium sized corporate sector, while
recognising that the small business and larger corporate sectors
provide a firm foundation for the Group's activities. Our success
in this middle market leads us once again to increase our
expectations for growth in 2018 and thereafter. As such we
anticipate that revenues for 2018 and 2019 will be substantially
ahead of our previous expectations.
Bobby Kalar, Chief Executive of Yü Group, said: "We are once
again delighted with the Group's continued progress. The business
is developing well and our focus on our long term sales growth is
paying dividends. We are now in the process of opening a new office
in central Leicester in order to accommodate the growing number of
people within the business who will deliver and service this growth
potential. Investment in our people, culture and procedures is
important to accelerate our rapid growth while maintaining customer
satisfaction. I look forward to the future with confidence."
Notice of Preliminary results
The Group intends to announce its results for the year ended 31
December 2017 on Tuesday 6 March 2018.
For further information, please contact:
Yü Group PLC
Bobby Kalar
Nick Parker +44 (0) 115 975 8258
Shore Capital
Edward Mansfield
Anita Ghanekar +44 (0) 20 7408 4090
Alma PR
John Coles
Hilary Buchanan
Robyn Fisher +44 (0) 20 8004 4218
Notes to Editors
Information on the Group
Yü Energy is an independent supplier of gas and electricity
focused on servicing corporate and SME businesses throughout the
UK. It has no involvement in the domestic retail market. The Group
was listed on the AIM market of the London Stock Exchange following
a successful IPO in March 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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