Nottingham energy firm to double workforce this year
Yu Energy, the Nottingham supplier of utilities to the corporate sector, has outlined its ambitious growth plans to TheBusinessDesk.com.
The firm, which yesterday (28 March) posted a hike of 231% in its revenues for 2016, says it wants to double its workforce to 150 people by the end of this year, and is on the look-out for firms to buy.
A spokesperson for the firm, which floated in 2016 for £26m, said: “We have doubled the headcount since IPO and have an expectation to grow this further, we would like to grow this to approximately 150 employees for YE2017.
“The East Midlands business hub is a very exciting place to be and we have seen fantastic success as a consequence of having pan geographical access, both in terms of accessing large volume face to face customers and recruiting local workforce.
“We will continue to maintain our strategy of growing our business organically, however we are always looking at adjacent products that will help increase our product offering.”
Yesterday, 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.”
Kalar owns just over 60 per cent of the company, with other investors including Octopus Investments, Miton Group, Seneca Partners, Legal & General Investment Management, Hargreave Hale and Artemis Investment Managment.
