Utilities provider to businesses powers back into the black

Yü Group, the East Midlands-based supplier of gas, electricity and water to businesses, has posted “strong” results for the six months to 30 June.

Revenue grew by 43% to £65.8m driven by strong organic growth and recovery of customer demand. Meanwhile, profit for the period after tax came in at £900,000, an increase of £2.6m year-on-year from a £1.7m loss in 2020.

Bobby Kalar, group chief executive officer, said: “I am delighted to report a solid H1 performance with positive momentum continuing into H2. I’m especially pleased to be delivering profitable growth as promised.

“With better than expected results for H1 2021, it is clear our business model is more than delivering and we’re on track to exceed market profitability forecasts. The group’s strength, maturity and discipline is now firmly stamped into its fabric and our drive to transform into a data driven, ‘digital by default’, business will further accelerate our growth and profitability. Building on the significant progress made over the past few years, our laser focus remains on gross margin improvement, lowering operational costs and further commercialising the order book.

“Our hedging strategy is solid and in line with our risk policies. The recent gas price and industry turbulence have had no material impact on the group to date due to our robust hedging policy. We continue to explore acquisition opportunities that sit in our sweet spot and will further accelerate our growth strategy.

“I’d like to thank my amazing team and I look forward to the future with excitement and confidence.”