Revenue and pre-tax profits are on the rise at Yü Group, the independent supplier of gas and electricity, meter asset owner, and installer of smart meters to the UK corporate sector.
The company’s CEO has hailed its unaudited half-year results for the six months to 30 June 2023 as “excellent.”
Revenue during the firm’s first half grew 51% to £194.9m, up from £129.2m in the same period of 2022. Meanwhile profit before tax increased to £8.9m, from £5.5m.
Bobby Kalar, Chief Executive Officer, said: “We have kept our promise and delivered profitable, sustainable growth in H1 2023 and I look forward to doing the same in H2 2023 and beyond.
“I’m pleased to report another set of excellent results reflecting our continuing strong and predictable performance. Keeping in mind this is our sixth consecutive and consistent set of results improvement, our ability to sustainably grow the business is well proven and we are now firmly in the scale stage of our journey.
“Our financial KPI’s continue to perform ahead of expectations. Revenue is up by 51% to £194.9m, cash has increased 133% to £36.6m, average monthly bookings have increased by 259% to £51.3m and EBITDA has grown over 400% to £13.7m, compared to H1 2022. We now forecast a new record performance to follow in H2 2023 and we expect to see EBITDA over £33m for FY 2023, up from current market expectations of c£19m.
“Our Yü Smart business is now fully embedded and delivering impressive results since its launch in January 2023 and I’m pleased that meter installation numbers are growing by the month. I expect the Group to have installed at least 10,000 meters by the end of this year. I believe the integration of Yü Smart to the supply business will be a game changer in terms of the Group’s ability to better understand customer usage and payment habits.
“We have strong foundations, a proven strategy and great momentum in a substantial market. We look forward to continuing to deliver in H2 2023 and beyond.”
