Yu Group PLC Trading Update (7042U)
July 16 2018 - 2:00AM
UK Regulatory
TIDMYU.
RNS Number : 7042U
Yu Group PLC
16 July 2018
16 July 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 sector, is pleased to provide a
trading update in respect of the six-month period ended 30 June
2018 (the "Period").
Group revenues for the Period are anticipated to be in the
region of GBP35 million (2017: GBP20.7 million) representing an
increase of 69 per cent. As at 30 June 2018, the Group had GBP37
million of contracted revenue which is expected to be recognised in
the remaining six months of the current financial year. When
combined with anticipated bookings during the second half of the
year, the Group expects to report revenues of at least GBP82
million for the full year to 31 December 2018, being a 74 per cent.
increase on the prior year with both revenue and EBIT for FY18
expected to be in line with market expectations.
The Group has generated in excess of GBP2 million of free cash
flow in the Period, resulting in cash balance as at 30 June 2018 of
GBP18.2 million.
The proceeds of the placing undertaken in March 2018 are being
deployed to accelerate growth and enabling management to increase
investment in staff and infrastructure to support the continued
growth that is evident in the business. With contracted revenue for
FY19 already standing at GBP45 million, the benefit of this
investment will bear fruit in 2019 and beyond.
In line with this investment, staff numbers continue to grow and
current headcount is 140. The new office in Leicester is currently
operating from a leased facility and the Group has entered into an
agreement to acquire a new permanent purpose-built office, due to
open during the course of 2019.
The process of appointing the Group's Finance Director to
replace Nick Parker is at an advanced stage and the Board has been
impressed with the quality of candidates, reflecting the status,
culture and discipline of the business. Nick intends to leave the
Group on 31 July 2018 but will continue to be available thereafter
to ensure an orderly transition to his successor. A further
announcement will be made in due course.
Notice of interim results
The Group intends to publish its interim results for the
six-month period ended 30 June 2017 on Wednesday 19 September
2018.
Bobby Kalar, Chief Executive of Yü Group, said: "I am delighted
with the continuing strong growth we have achieved not only in the
first six months of the year but also the high levels of contracted
revenue underpinning the Group's financial performance for the
current year and beyond. This reinforces my belief that there
remains significant room for the Group's continuing rapid growth. I
am particularly pleased that we have achieved this growth whilst
maintaining the very high levels of customer satisfaction which are
so important to the Group. We now have the capital base and have
accelerated investment in people and infrastructure to take full
advantage of the market opportunity.
We continue to develop our disruptive brand and reputation with
confidence whilst staying aligned to our core business.
For further information, please contact:
Yü Group PLC - +44 (0) 115 975 8258
Bobby Kalar
Shore Capital - +44 (0) 20 7408 4090
Dru Danford
Edward Mansfield
Anita Ghanekar
James Thomas
Alma PR
Josh Royston 07780 901979
John Coles 07836 273660
Robyn Fisher 07540 706191
Notes to Editors
Information on the Group
Yü Group PLC, trading as Yü Energy, is an independent supplier
of gas and electricity focused on servicing larger 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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