Yü Group, the Nottingham independent supplier of gas, electricity and water to the UK corporate sector, has revealed major losses despite an increase in revenue, according to its final results for the year to 31 December 2018.
While revenue increased by 77 per cent to £80.6m (2017: £45.6m), the firm posted an adjusted EBITDA loss of £6.3m (2017: £1.5m profit), following a detailed accounting review launched after the firm found several areas of significant concern with the potential to result in a £10 million reduction in profitability.
Bobby Kalar, Group Chief Executive Officer, said: “The accounting and system failings uncovered in the second half of 2018 have had a major impact on the Group and I would personally like to apologise to all our stakeholders for the mistakes made. We have made significant progress in implementing new systems and processes and the Board is confident that we have weathered the storm.
“The business rationale remains strong with an enormous potential market for a high-quality service provider of gas, electricity and water to the SME and corporate sector. I believe the Group is well placed to achieve long term profitable growth underpinned by the people and systems we have in place.”