Yu Group revenues soar following IPO

Yu Group, the Nottingham-based utilities provider to the corporate sector, has seen its losses widen, despite posting a 231% increase in revenue for the year ending 31 December 2016.

Yu made a loss of £1.4m last year, compared to £800,000 in 2015 – whilst revenues soared from £3.9m to £16.3m.

However, the firm did make a profit after it took out the costs of floating on the Stock Market last year of £205,000.

The firm says it increased its headcount from 40 in 2015 to 72 last year, and that more recruitment is planned.

Bobby Kalar, the group chief executive officer, said: “2016 was an excellent year for the Group from both an operational and financial standpoint. We have followed our IPO in March with strong growth in all our key performance indicators with exceptional revenue growth and underlying profitability being delivered ahead of management expectations. Our hedging and energy purchasing has proved robust through what has been a turbulent market for energy suppliers.

“With contracted revenue for 2017 standing at £27.8m at the year end, supplemented by £8.0m in new sales booked this year as at 24 March 2017 and a strong pipeline of new business we are confident that we can continue to build our record of strong profitable growth.”