Yü Group, the Nottingham-based independent supplier of gas and electricity to the UK corporate sector, is looking forward to a bright future after it posted £13.4m of contracted annual revenues for the financial year ending 31st December 2016.
In a trading update relating to the six month period ended 30th June 2016, the energy provider noted that annualised bookings for the first six months of the year were approximately 60 percent ahead of budget.
The company’s gross margins in the period were robust and, despite significant growth in the business and the number of employees, overhead costs have been controlled tightly, meaning the Group remains on track to meet market expectations for FY16.
The net cash raised at the time of Yü Group’s IPO has been placed on separate deposit with the Group’s bankers and is being utilised, as intended, to support Letters of Credit to ensure that Yü continues to adhere to its stated hedging policy.
Bobby Kalar, chief executive of Yü Group, said: “We are delighted with the Group’s progress over the first half of the year and have delivered on our objectives as envisaged at the time of IPO in March 2016. The business is developing well which, combined with the proceeds from our recent placing, underpins the strong growth potential of the Group. I look forward to the future with confidence”.