Nottingham utilities supplier posts record results

Nottingham-based business energy supplier Yü Group has posted record results for the year ending 31 December 2017.

Revenue almost trebled to £47m compared to 2016, with profits rising from £205,000 to £3.1m.

The firm opened a new office opened in Leicester city centre bringing staff levels to 86 employees.

Meanwhile, a licence was granted in December 2017 to supply water to the corporate sector under the name Yü Water.

Bobby Kalar, group chief executive officer, said: “This has been a record year for the Group with substantial increases in both sales and profits, reflecting the success of the business model. During the year we have invested carefully to position the business so that it can take advantage of the extensive opportunity available. Having had an opportunity to re-evaluate the growth potential of the business going forward, the Board has resolved to accelerate the growth targets, particularly with higher volume mid-sized corporate clients and energy brokers. As a result, our expectations for Group revenue over the next few years have increased significantly.”

“The predictability within the business, coupled with the scalability of our model, provides the Board with considerable confidence in future growth.”