Monday, July 6, 2020

Losses of over £7m predicted at Nottingham energy firm

Yü Group, the Nottingham-based supplier of gas, electricity and water to the corporate sector, has said that its adjusted loss before tax is anticipated to be within the range of £7.35 million and £7.85 million for the year ended 31 December 2018.

The energy supplier noted: “This level of loss assumes that there will not be a restatement to reduce the profitability of FY 2017 or prior years. Should the Board conclude that such a restatement is required, then losses for the FY 2018 period would decrease by a corresponding amount.”

Group revenue for 2018 is expected to be approximately £80 million, and the firm currently has in excess of £85 million of revenue contracted for 2019.

Yü Group also said that alongside the review by the Group’s Audit Committee of its governance processes, it has appointed RSM UK Audit LLP as new external auditors.

Bobby Kalar, CEO of Yü Group, said: “In what has been a challenging period we remain focussed and continue to work hard to rectify the issues highlighted last year. Some significant actions have already been implemented across the organisation.

“Whilst we are being more selective and prudent in relation to our growth, we are securing new business at a reasonable margin. With a strong balance sheet and a focussed and dedicated workforce, I remain confident in the underlying business, the significant market opportunity available to us, and the long term success of our proposition and I am absolutely driven to put us back on track.”

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