Yü Group, the independent supplier of gas and electricity, and meter asset owner and installer of smart meters, to the UK corporate sector, has seen revenue and profit rise in its final audited results for the year to 31 December 2024.
Revenue reached £645.5m, up from £460m in 2023, as a result of strong organic growth in delivered volume of energy. Profit before tax, meanwhile, increased to £44.5m, from £39.7m.
Bobby Kalar, Chief Executive Officer, said: “The team and I continue to focus on delivering our strategy, which has delivered another new set of record results, with further strong growth in revenue, profit and cash terms.
“I’m particularly pleased that this is our 6th year of profit growth, and we have taken revenue from £81m in 2018 to £646m in 2024. This growth is set to continue, although at a slower pace in percentage terms due to the larger base.
“Our disciplined approach to growth and the focus on our core target market remains, and our smart metering business is starting to bear considerable fruits.
“Whilst softened commodity markets provide a lower revenue per customer, our 78% growth in delivered energy volume demonstrates the opportunity being taken. We continue to grow market share, nearly doubling year-on-year to 2.7%, and we have a huge addressable market available and are set-up to scale.
“Our smart metering business continues to perform well. I’m really pleased and proud that from standstill in 2023 we now have a fully functioning engineering capability across the Country, with our own training centre and a highly skilled and driven management team. I’m very much looking forward to guiding this business as it develops further.
“We are again increasing our dividend payment, which has increased by 50% in year, reflecting our progressive dividend policy and confidence in the future with over £1 billion of forward revenue already contracted.
“On behalf of my hard-working colleagues and my fellow shareholders, I remain disappointed by the disconnect between our business performance and our market rating. Notwithstanding this, we remain focused on the continued growth of our business.
“I am privileged to lead such a fantastic team and would like to thank them for helping to deliver such fantastic results! My team is stronger than ever, and I remain committed to ensuring we provide the environment for them to develop their careers alongside the Group’s continued development.”
The business has made a strong start to 2025, with new record monthly revenue achieved in January.
