Yü Group, the challenger independent supplier of gas, electricity and water to the UK corporate sector, has reported “significant revenue growth” and “much improved profitability” in a new trading update for the six months ended 30 June 2022.
The first half of 2022 represents Yü Group’s fourth consecutive period of revenue growth, with H1 22 revenues expected to exceed £125m, up over 90% compared to H1 21 (£65.8m) and up over 39% from H2 21.
Revenues for the year are now expected to grow by over 50% against 2021 (£155.4m).
Bobby Kalar, group Chief Executive Officer at the Nottingham-headquartered firm, said: “The period delivered a continued strong financial performance with significant revenue growth, margin expansion and consequently much improved profitability and cash generation. H1 22 will represent our 4th consecutive period of revenue growth and margin improvement and I am confident we will continue to deliver in H2 22.
“Despite the wider macro environment and the pressures being felt in the industry our story, brand and growth remains strong. We are delivering our KPI’s in line with management expectations and we continue to derive significant strategic benefits both operationally and commercially from the investments we have made in our systems and processes.
“In H2 22 we will launch Yü Smart, our smart metering business, and expect to be installing our first smart meters in Q4 this year. This capability will represent a significant strategic milestone in the expansion of the group.
“I am delighted by our performance in H1 and am confident this momentum will continue into H2 and beyond. The Board remains as excited as ever about the future of the group. I would like to thank all of my team who continue to deliver on our medium term goal of £500m of revenues with an adjusted EBITDA margin in excess of 4%.”
