REG - Yu Group PLC - Trading Update

YuAnnouncement

31/05/2023 07:00

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RNS Number : 0897B  Yu Group PLC  31 May 2023

31 May 2023

Yü Group PLC

(the "Group" or "Company")

 

Trading Update

 

Yü Group PLC (AIM: YU.), the independent supplier of gas, electricity, meter
asset owner and installer of smart meters to the UK corporate sector, provides
the following update on trading.

The Group is pleased to announce continued strong trading momentum, with key
performance indicators of revenue, profitability and cash generation all
showing very strong growth.

The run rate growth of average monthly bookings achieved in Q4 2022 has
continued into 2023. Pent-up demand from softening commodity markets has seen
an increase in customers contracting with Yü providing additional revenue
visibility for FY 2023 and beyond.

The investment in Yü's Digital by Default strategy coupled with the Smart
Metering roll-out continues to provide a platform for scale alongside an
ability to secure significant cost-efficiency benefits. In particular, it has
had a material benefit in reducing levels of bad debt and driving strong cash
collection from the Group's customers.

Following a detailed review by management, revenue, margins and cashflow for
the year to 31 December 2023 are now expected to be substantially ahead of
current market expectations.

The Group will provide a further scheduled trading update in respect of H1
2023 in late July 2023.

 

Bobby Kalar, Chief Executive Officer, Commented:

"I'm delighted to report a further increase in our expectation of revenue,
profit and cash, and I'm looking forward to present a ninth consecutive half
year improvement in our interim results.

 

I look forward to updating shareholders as the Group continues to deliver and
set new records."

 

 

For further information, please contact:

 Yü Group PLC       +44 (0) 115 975 8258

 Bobby Kalar

 Paul Rawson

 Liberum            +44 (0) 20 3100 2000

 Edward Mansfield

 William Hall

 Cara Murphy

 Teneo              +44 (0) 20 7353 4200

 Giles Kernick

 Alec Tidbury

 

Notes to Editors

Information on the Group

Yü Group PLC is a leading supplier of gas and electricity focused on
servicing the corporate sector throughout the UK. We drive innovation through
a combination of user-friendly digital solutions and personalised, high
quality customer service. The Group plays a key role supporting businesses in
their transition to lower carbon technologies with a commitment to providing
sustainable energy solutions.

Yü Group has a clear strategy to deliver sustainable profitable growth and
value for all of our stakeholders, built on strong foundations and with a
robust hedging policy. In 2022 the Group launched Yü Smart to support growth
through new opportunities in smart metering installation. With a significant
opportunity in a £50bn+ addressable market, Yü Group continues to deliver on
the medium-term goal of £500m of revenues with an adjusted EBITDA margin in
excess of 4%.

 

 

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