Yü Group cuts losses as it plans new sales office

Nottingham-based utilities supplier to businesses Yü Group has cut losses after a turbulent 12 months.

After months spent unravelling accounting irregularities, the company has reported a loss of £2.7m for the six months to 30 June – down from a loss of £5.3m over the same period in 2018.

Revenue increased by 70% to £56.6m over the same period.

The company says that it plans to extend sales operation with the development of a new purpose-built office – the location of which is unclear.

Bobby Kalar, group chief executive officer, said: “I’m pleased to report that our sales expansion is going to plan and the compliance and governance measures introduced are performing well. While low margin legacy contracts are still being washed through our accounts, we have taken action to improve our positioning. I look forward to updating the market on our performance and growth ambitions.

“The investment case for the business remains the same and market opportunities remain high. I still believe that Yü offers a fresh approach for small and medium sized businesses who have not been traditionally engaged in the utilities market. As founder, majority shareholder and CEO, I am more confident than ever that our Group is ready and able to take advantage of the enormous market opportunity available to us.”