Yü Group share price powers up after adding over 8,000 customers in a day
The share price of Nottingham-based utilities supplier to businesses, Yü Group, rose sharply yesterday (November 8) after the firm revealed that it had been named Supplier of Last Resort for a collapsed counterpart.
Yü Group shares ended the day on 242.5p up by 32.5p – or 15.5% – on their opening price, after the company revealed it would add £7.5m a month in revenue after taking on over 8,000 customers of the failed Ampower business.
It’s been a bumpy ride for Yü Group over the last year, but the firm appears to be riding out the crisis engulfing the energy sector. It’s share price has risen by 142.5% this year – although it still has some way to go to reach the heights of early March 2018, when shares were changing hands or £12.35 each.
Speaking yesterday, Bobby Kalar, group chief executive officer, said: “I’m very pleased to have been awarded the Ampower customer book. In recognition of our strong systems and experienced team these customers have already been migrated onto our scalable operating platform seamlessly over the weekend with negligible impact on resource or capacity. Our experience and track record means we are confident the customer transition will be seamless, quick and well communicated.”
