Revenue has increased 70% to £56.6m at Nottingham’s Yü Group, the supplier of gas, electricity and water to the UK corporate sector, according to half year results for the six months to 30 June 2019.
The firm, however, posted a loss of £2.7m, an improvement on the loss of £5.3m in the same period in 2018.
Yü Group noted that revenues for 2019 are now expected to be approximately £105m.
The company also revealed plans to extend its sales operation further with the development of a new purpose-built office.
Bobby Kalar, Group Chief Executive Officer, said: “I’m pleased to report that our sales expansion is going to plan and the compliance and governance measures introduced are performing well. While low margin legacy contracts are still being washed through our accounts, we have taken action to improve our positioning. I look forward to updating the market on our performance and growth ambitions.
“The investment case for the business remains the same and market opportunities remain high. I still believe that Yü offers a fresh approach for small and medium sized businesses who have not been traditionally engaged in the utilities market. As founder, majority shareholder and CEO, I am more confident than ever that our Group is ready and able to take advantage of the enormous market opportunity available to us.”