Revenue and profit rise at Yü Group

Tess Egginton
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Revenue and profit rise at Yü Group

Yü Group, the independent supplier of gas and electricity, and meter asset owner and installer of smart meters, to the UK corporate sector, has seen revenue and profit rise in its final audited results for the year to 31 December 2024.

Revenue reached £645.5m, up from £460m in 2023, as a result of strong organic growth in delivered volume of energy. Profit before tax, meanwhile, increased to £44.5m, from £39.7m.

Bobby Kalar, Chief Executive Officer, said: “The team and I continue to focus on delivering our strategy, which has delivered another new set of record results, with further strong growth in revenue, profit and cash terms.

“I’m particularly pleased that this is our 6th year of profit growth, and we have taken revenue from £81m in 2018 to £646m in 2024. This growth is set to continue, although at a slower pace in percentage terms due to the larger base.

The business has made a strong start to 2025, with new record monthly revenue achieved in January.

Record revenues for Light Science Technologies

Tess Egginton
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Record revenues for Light Science Technologies

Light Science Technologies Holdings plc, which operates through its AgTech, contract electronics manufacturing, and passive fire protection divisions, has reported record revenues in audited results for the year ended 30 November 2024.

The Derbyshire-based business hailed strong trading across all divisions, with the performance underpinned by increasing high margin contributions from the company’s AgTech and passive fire protection divisions.

Revenue at the firm reached £12.04m, up 29.5% on the prior year (£9.30m). Meanwhile, Light Science Technologies reduced its losses with a loss before tax of £30,000 (loss of £1.14m in 2023). This was helped by a strong second half of the year, which saw pre-tax profits of £300,000.

Simon Deacon, CEO, said: “I am delighted with the strong performance during the period. We have established a portfolio of businesses with a demonstratable track record targeting a diverse and growing range of end markets. Importantly, we are generating significantly increasing levels of revenue, growing Group margins and are delivering increasing levels of cash generation as we move towards our goal of achieving sustained profitability.

“We have further developed our product suite and routes to market and are extremely excited by the opportunity afforded to us across the business. The combination of global pressures and trends as well as legislation all point to an increasingly healthy orderbook and pipeline conversion, as we build on the record period we are reporting on today.”

Upcoming changes to UK audit thresholds – what businesses need to know: By Robert Anderson, audit partner at Streets Chartered Accountants

Tess Egginton
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Upcoming changes to UK audit thresholds – what businesses need to know: By Robert Anderson, audit partner at Streets Chartered Accountants
Robert Anderson, audit partner at Streets Chartered Accountants, helps businesses plan for upcoming changes to UK audit thresholds. From 6 April 2025, the thresholds determining whether a company requires a statutory audit in the UK are set to increase. This change, introduced by the Government, is aimed at reducing regulatory burdens on small and medium-sized businesses. While this will exempt more companies from mandatory audits, it is essential for business owners and finance leads to understand the implications and plan accordingly. Why are the changes being introduced? The Government has decided to increase the audit thresholds as part of broader efforts to support business growth and ease financial and administrative obligations. By raising the thresholds, the government aims to reduce costs for SMEs, allowing them to focus on expansion and investment. What are the new audit thresholds? Currently, companies must undergo a statutory audit if they meet two of the following three criteria:
  • Annual turnover of more than £10.2 million
  • Gross assets exceeding £5.1 million
  • More than 50 employees
From 6 April 2025, these thresholds will increase to:
  • Annual turnover of £15 million
  • Gross assets exceeding £7.5 million
  • More than 50 employees
Companies exceeding two of these new criteria will still require an audit, but many that previously needed one will no longer be obligated. Who will be affected? The new thresholds will impact businesses that are currently just above the existing audit criteria. Those that now fall below the new limits may no longer need an audit. However, some businesses, including regulated entities such as those authorised by the Financial Conduct Authority (FCA), will not be affected by the changes and must still comply with existing audit requirements. This includes insurance brokers, which may require a client money audit rather than a full statutory audit. Additionally, charities have separate audit thresholds, and these changes do not apply to them. Trustees and finance teams in charities should ensure they continue to meet their specific audit requirements. What do businesses and their auditors need to consider? For businesses close to the current thresholds, it is possible that an audit may be required for just one year before falling below the new limits. This is because the changes apply to accounting periods starting on or after 6 April 2025. If a company is growing and expects to exceed the current limits before the new ones take effect, they may need to consider whether changing their financial year-end could help them manage this transition. Furthermore, businesses below the new thresholds should still assess whether an audit is beneficial. Many lenders, investors, and stakeholders require audited financial statements, even when not legally mandated. External assurance can enhance credibility, strengthen governance, and improve financial oversight. Alternatives to a full audit If a company is no longer required to have a statutory audit, other financial assurance options can provide value, such as:
  • Assurance reviews – A lighter-touch review that offers a level of credibility without the full scope of an audit.
  • Agreed-upon procedures – Specific financial checks tailored to stakeholder requirements.
  • Internal audits – Providing governance and operational insights beyond financial reporting.
Planning ahead With the threshold increase approaching, business owners and finance leaders should review their audit obligations now. Engaging with an auditor early will help assess whether an audit is still needed, what alternative services may be beneficial, and how to manage the transition.  
See this column in the March issue of East Midlands Business Link Magazine here.

New milestone as Airfield Business Park expansion flies ahead

Tess Egginton
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New milestone as Airfield Business Park expansion flies ahead
Work on the superstructure of Airfield Business Park has begun – with a steel signing ceremony to mark the milestone. First opened in 2019, Airfield Business Park in Market Harborough is owned by Leicestershire County Council and has been fully let at every stage, with every unit currently occupied and 11 tenants trading from the site. The newest phase is being constructed by Britcon and the expansion will see ten new units and a Costa Coffee drive-thru unit built. It will also be capable of hosting a second drive-thru unit. To mark the milestone of steelworks beginning on site Councillor Lee Breckon, cabinet member for resources, joined Britcon in signing steel beams and got to see first hand the progress being made. Councillor Lee Breckon, cabinet member for resources, said: “As a Council, we are proud to be able to support local businesses to expand where we’re able to. “We’re really excited to extend this popular business park and today was a great chance to mark the progress Britcon have made in just three months. “Once completed the expansion of Airfield Business Park will boost the local economy and help to keep businesses in the county.” Nick Shepherd, Britcon managing director, said: “Thank you to the project team and all stakeholders for the progress made to date. This is another significant investment for the region and our delivery strategy has focused on job creation and local supplier use to support economic growth. “We have created two new full-time jobs to date and placed over £4m of orders with regional subcontractors to deliver high impact social value outcomes.” A wide range of businesses currently on Airfield range from a publisher, pre-loved clothing reseller and campervan conversions company. Tenants on the expansion will include fine foods manufacturer and distributor Bramble Foods, who already employ more than 150 people in Market Harborough. Bramble are expanding to a larger unit to expand their growing business when work is completed, which will keep the business in Leicestershire.

Businesses support YMCA Derbyshire in another successful Sleep Easy event

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Businesses support YMCA Derbyshire in another successful Sleep Easy event
YMCA Derbyshire has successfully hosted its fifteenth annual Sleep Easy event at Derbyshire County Cricket Ground. To date the event has raised just under £30,000, with donations still being received. Over 80 brave participants, from all walks of life, took up the challenge and spent the night in makeshift shelters, cardboard boxes and sleeping bags. Businesses and individuals generously donated food, drinks and other essential supplies throughout the night. Grace Harrison, Development Director at YMCA Derbyshire, expressed her gratitude for the overwhelming support and said: “We are deeply moved by the outpouring of support for our Sleep Easy event, and extremely grateful that year after year people are willing to spend the night outside for our cause. “The money raised will go towards counselling, diversionary activities including sports, arts and crafts, providing a range of horticulture opportunities at our Community Gardens, wellbeing support, volunteer opportunities and work placement programmes. All with the aim of supporting those we serve to move along their positive pathways, enabling them to belong, contribute and thrive.” YMCA Derbyshire thanked everyone that took part, including the many business partners and organisations that once again stepped up to the plate to sleep out, so that others won’t have to, including Lubrizol, Griffiths Food, X-Press Legal Services, Vaillant, Yellow Rail, McAndrew Industries, SPL Powerlines, Icons Talent Agency, Hardy Signs, Derby Cathedral, The Alternative Board and Repton School. Lucy Armstrong from Lubrizol said:” Such a fantastic night last night, and a big reminder of how fortunate I am to have somewhere safe, secure, and comfortable to live. The work YMCA Derbyshire does in the community makes such an impact, and I’m really looking forward to working with them on more projects in the future.” Lucy’s comments were echoed by Alice Woolley from Vaillant who added: “Credit to all those at the YMCA organisation and fundraising for such an important and worthy cause. We will certainly support the Sleep Easy in the future, such a unique event creating strong relationships both within our teams and with other local supporters.” Ben Wheeler from X-Press Legal Services said it was a “helluva night” and added: “It was only one night, but a significant eye opener. Once again, many thanks to those who supported me. Much appreciated. And a huge thanks to YMCA Derbyshire for all that they did to make the event a success.”

Fold Hill Foods acquires Brambles Pet and Wildlife

April Lara
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Fold Hill Foods acquires Brambles Pet and Wildlife

Fold Hill Foods, a Lincolnshire-based pet food manufacturer, has acquired Macclesfield-based Brambles Pet and Wildlife from founders David and Gail Tracey.

Brambles will join Fold Hill’s existing portfolio, which includes Ruffingtons, Pointer Pet Foods, Laughing Dog Food, and Superior. The two companies have previously worked together, with Fold Hill producing some of Brambles’ range.

Managing director Ben Mankertz stated that Brambles’ strong market position and expertise in wildlife nutrition made it a strategic fit. David Tracey will continue supporting the brand following the acquisition.

Midlands Engine to close as government funding ends

April Lara
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Midlands Engine to close as government funding ends

The Midlands Engine, an initiative established in 2015 to promote investment and economic growth across the region, will be wound down as its government funding ends in March.

The organisation, which worked with local government, business leaders, and universities, stated that its focus in the coming months will be on concluding key programmes and ensuring a smooth transition. Elected mayors in the East and West Midlands have already taken over many of its functions.

The Midlands Engine highlighted its achievements in attracting investment and strengthening regional collaboration but confirmed that its operations will cease due to the funding cut.

GE Aerospace invests $32m in Rutland for advanced manufacturing upgrades

April Lara
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GE Aerospace invests $32m in Rutland for advanced manufacturing upgrades

GE Aerospace is allocating nearly $32 million to upgrade its Rutland, Vermont facility as part of a $1 billion investment in U.S. manufacturing and suppliers in 2025. The Rutland funding will be used for new machines, upgrades to existing equipment, precision tools, and infrastructure improvements to support the production of components for commercial and military aircraft engines.

The investment aims to enhance manufacturing capabilities for narrowbody and widebody aircraft, military helicopters, and fighter jets. Additionally, part of the funding will go towards utility upgrades in the main building.

Last year, the GE Aerospace Foundation contributed $200,000 to Stafford Technical Center in Rutland to purchase advanced manufacturing equipment for student training. The company has also announced plans to hire approximately 5,000 workers nationwide in manufacturing and engineering roles this year.

GE Aerospace CEO H. Lawrence Culp, Jr. emphasised the importance of investing in manufacturing to modernise aircraft fleets and maintain U.S. leadership in aerospace innovation.

Alford Windmill restoration plans move forward

April Lara
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Alford Windmill restoration plans move forward

Lincolnshire County Council, East Lindsey District Council, and the Alford Windmill Trust have reaffirmed their commitment to restoring and reopening the historic Alford Windmill as a visitor attraction.

Lincolnshire County Council owns the site and has set aside £450,000 for repairs, including restoring the windmill’s cap and sails. The council is also considering transferring ownership to the local community through the Alford Windmill Trust.

East Lindsey District Council had previously reallocated government funding to Alford Manor House but remains engaged in discussions on how best to support the windmill’s conservation.

The Alford Windmill Trust emphasised the importance of community involvement in the restoration process and future business opportunities linked to the site. Talks between stakeholders will continue as they work towards a viable long-term plan for the windmill.

New Humber energy-from-waste plant gets government approval

April Lara
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New Humber energy-from-waste plant gets government approval

The UK government has approved the development of the North Lincolnshire Green Energy Park, an energy-from-waste facility planned for Flixborough Industrial Estate near Scunthorpe. The site will include an Energy Recovery Facility (ERF) capable of converting up to 650,000 tonnes of Refuse Derived Fuel annually into electricity.

Developer Solar 21 says the facility could generate enough low-carbon power for 221,000 homes per year and create up to 257 permanent jobs, with an additional 600 jobs during construction. The project aims to reduce landfill use by up to 760,000 tonnes and prevent 150,000 tonnes of CO2 emissions.

The site will also feature a plastic recycling facility capable of processing 20,000 tonnes of plastic annually. Ash from the energy recovery process will be repurposed into concrete blocks for construction.

Solar 21 highlights the Humber region’s high industrial carbon emissions and landfill waste as key project drivers, positioning the facility as part of the UK’s strategy to reach net-zero carbon emissions by 2050.

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