Energy supplier narrows losses as revenues rise

Yü Group, the Nottingham-based utilities provider to businesses, has narrowed losses for the year-ending 31 December 2019.

Revenue was up from £80m in 2018 to £111.6m last year, with losses coming down from £6.3m to just under £5m.

The firm has announced that the Covid-19 outbreak presents a “material risk” and that it was £6.1m at hand to combat any downturn.

Bobby Kalar, Group chief executive cfficer, said: “One of the main objectives of the year under review was to strengthen our internal processes so that scaling would not create further pressure points on the business as we have witnessed in the past. We have been working on transforming the customer journey from ‘prospect’ through to ‘cash’ and I’m pleased with the positive results so far.

“The fundamental market opportunity remains significant, with the Group at present only servicing 0.2%. of the B2B market. The Group is now in a position, once the economic context recovers, to drive sustainable, profitable growth, with a fresh, new approach to businesses’ utility needs. As such, we continue to be confident in the medium and long term market opportunities, and look forward to getting back to disrupting the energy market through significant and profitable growth. I would like to thank all of our employees for their consistent hard work and I look forward to updating the market again in due course.”