The CEO of Yü Group, the independent supplier of gas, electricity and water to the UK corporate sector, has hailed “another fantastic year,” with record breaking financial performance and significant strategic progress.
According to the Nottingham firm’s final audited results for the year to 31 December 2022, revenue grew 79% to £278.6m, up from £155.4m in the year prior.
Pre-tax profits, meanwhile, rose 72% to £5.8m from £3.4m.
Bobby Kalar, Group Chief Executive Officer, said: “I’m pleased to report another fantastic year for Yü Group. We have once again clearly demonstrated our ability to surpass financial performance metrics and, with the strong momentum we have in the business, we are confident of this recurring theme continuing into 2023.
“Our record breaking financial performance and significant strategic progress is a testament to the strength of the Group. Revenue increased 79%, EBITDA increased 359%, contracted revenue is up 57% and cash increased by £11.9m. Reflecting our continued confidence in the business we are also pleased to recommend the reinstatement of a progressive dividend policy. To achieve this despite the backdrop of a turbulent energy market is credit to the strong foundations we have in place and the ability and character of the team.
“It’s been a busy year! Developing and integrating our smart metering business, Yü Smart from a standing start to a fully functioning business performing at pace has been a particular highlight. I’m proud to lead a team who have seized this opportunity to build and grow new capabilities. I clearly see the ability for the Group to accelerate its profitability by leveraging off our growing revenues and providing new services. Cash flow and cash management will remain a key focus, including through our smart meter rollout.
“The EBRS scheme has worked well and rightly delivered support to our business customers. We will continue working with BEIS to champion assistance to UK businesses.
“Whilst our industry has been plagued by negative impacts and a lack of investment and support, I am immensely proud to report our progress and development. The market opportunity is huge, we have a scalable platform, and we are primed and ready to grow.
“We have got off to a fantastic start in 2023 with our exceptional performance continuing. Whilst we remain vigilant, we look forward to delivering continued shareholder value in 2023 and beyond.”
