Nottingham-based Yü Group PLC, the independent supplier of gas and electricity to the UK corporate sector, has seen revenue increase, booming 72.6 per cent to £35.8m, in the six month period to 30 June 2018.
The energy firm also reports that contracted revenues for the year to 31 December 2019 are already at £60 million.
Bobby Kalar, Chief Executive Officer, said: “I am delighted to report that our strategy to invest in our infrastructure continues to bear fruit both in terms of scaling the business but also attracting quality staff. We will continue to use these strong foundations to strengthen the Group and manage the opportunity for rapid growth.
“Revenues have grown by 72.6 per cent and we are on track to report revenues in line with expectations for the year to 31 December 2018. Significant revenues are already under contract for 2019 and beyond. I am confident we have a clear view on our strategy and remain committed to delivering further rapid, yet controlled, growth.
“In line with the overall strategy we will continue to invest the proceeds of the secondary placing to strengthen and expand our product range and invest in infrastructure, staff, systems and brand marketing. The effect of the investment can be seen in the rapid rate of bookings which averaged £7.82 million in H1 2018 compared to £3.75 million in H1 2017, representing an increase of over 100 per cent.
“Cash generation remains a key operational focus and we have tightened up processes around credit control and debt collection which is already showing results in FY 2018. An operating cash inflow of £2.0 million has been reported in the first 6 months of 2018, an increase of 83 per cent on the same period for 2017.
“Group cash balances at 30 June 2018 were £18.2 million. This supports our progressive dividend policy, and therefore we are pleased to be able to announce an enhanced interim dividend of 1.2p per share, an increase of 20 per cent compared to H1 2017.
“The Group has also continued to focus on relationships across all stakeholders. As an example, the Group has introduced new initiatives to measure and react to metrics around customer satisfaction and employee engagement. Maintaining the culture and vision for the business remains an ongoing priority, and I am pleased that our steadfast approach is proving successful.”