Revenues are ahead of market expectations at Yü Group PLC, the Nottingham-based supplier of gas, electricity and water to the UK business sector, according to a trading for the year ended 31 December 2019.
Revenues for FY 2019 are expected to be approximately £110m, up from £80.6m in 2018, an increase of c.35% and ahead of market expectations.
Adjusted EBITDA meanwhile for FY 2019 is “expected to be at least in line with market expectations,” with H2 2019 losses significantly below the loss in H1 2019 as strategic actions implemented through FY 2019 start to produce results.
Bobby Kalar, Chief Executive of Yü Group, said: “Our team’s determination over this past year to transform Yu Group into a disciplined, higher margin business has been momentous and necessary.
“Significant controls implemented across the organisation have now been embedded by the business and are showing a positive contribution towards areas such as cash collections, revenue protection and gross margin optimisation.
“With a new and evolving Board capable of guiding us in our next phase of growth, and our new progressive trading arrangement with SmartestEnergy to enhance and futureproof our cashflow, the focus in the year ahead is to continue to build on this solid platform and accelerate manageable growth whilst reducing the cost to serve.
“A core indicator, Adjusted EBITDA, is improving in line with our plan and we are able to invest in our automated digital strategy. I’m confident we have weathered the storm and while we remain cognisant of lessons learned, we are now very much a forward-facing business. I look forward to a successful year ahead.”