Utilities provider to businesses ‘primed for growth’ as losses narrow

Yü Group, the Nottingham supplier of utilities to businesses, has narrowed losses during 2020 and is ready to return to profit, its boss says.

Newly-published results this morning (March 30) show that revenues at the firm for 2020 came in at £101.5m – down from £111.6m in 2019, but ahead of market expectations – while losses narrowed from almost £5m in 2019 to £1.16m last year.

Bobby Kalar, chief executive officer, said: “The business is primed and ready for profitable growth.

“I am pleased to confirm a strong performance for FY2020 and a good start to 2021, further strengthening our 2021 contracted revenue from the £93m already secured in 2020. Our strategy is working well and as such the Board is confident that the business is on track to deliver its operational KPIs and to report profitable growth in FY2021. This has been a fantastic effort by the whole team through a difficult period and is a huge boost for 2021 and beyond.

“Underpinning our growth ambitions in an extraordinarily large market is our sound balance sheet, experienced and vested management team and scalable platform. We have made a good start to 2021. I’m pleased to be able to look forward to the future with absolute confidence. From the ‘hard yards’ I see good times ahead.”