The CEO of Yü Group, the independent supplier of gas and electricity, meter asset owner, and installer of smart meters to the corporate sector, has hailed an “excellent” half year performance.
According to unaudited results for the six months to 30 June 2024, revenue increased 60% to £312.7m, up from £194.9m in the same period of 2023.
Profit before tax, meanwhile, grew to £19.8m from £8.9m at the Nottingham-based firm.
Bobby Kalar, Chief Executive Officer, said: “Once again, my team has delivered an excellent performance, and I’m in no doubt that this continued momentum will deliver a strong full year performance and further enhance our contracted forward order book. Our simple yet effective strategy to build strong foundations has resulted in the continued delivery of our rapid and sustainable growth.
“I believe the numbers should do the ‘talking’. Revenue is up 60%, adjusted EBITDA is up 49%, cash in the bank up 137%, meter points on supply up 82% and contracted revenue increased by 70%. I’m delighted and rightly proud of the performance of the business against a challenging period of extreme volatility in the market.
“Yü Smart continues to go from strength to strength. Like all new startups, we’ve experienced growing pains and building teams who share our values and habits has required management attention. However, I’m satisfied good progress has been made and we have positioned ourselves for significant meter installation growth. Smart meter installations are up by 125% and engineering headcount is up 300%.
“Our February 2024 new trading deal with Shell Energy remains strong and their mature and collaborative approach is already leveraging opportunities not available to us before. I look forward to further strengthening our relationship.
“The lack of Institutional engagement has been disappointing, despite management delivering colossal value year on year. Many AIM companies are questioning the market’s future and the desirability of remaining listed. This has been reflected in the reduction of quoted companies.
“The AIM market’s future is delicately balanced and won’t be helped if the current government further punishes and disincentivises entrepreneurial high growth companies. This lack of recognition is frustrating; however, we remain focussed on delivering FY24 forecasts and positioning the Group for another record-breaking performance in 2025.
“I would like to thank my fantastic team and in particular the Board who continue to challenge and encourage the executive team.”
