Revenue skyrockets by 76% at Yü Group
Nottingham-headquartered utilities supplier Yü Group has reported record-breaking results for its 2022 financial year, with revenues soaring by more than 76% to £275m.
The firm’s adjusted EBITDA margin for the year is also expected to be “significantly ahead” of current market expectations.
Its stunning performance was partly driven by a huge uptick in annualised contracts.
Yü told the London Stock Exchange this morning (24 January) it expects its growth to continue across FY23 as benefits are realised from its digital strategy.
Yü Group CEO Bobby Kalar said: “I’m thrilled to report a fantastic, record-breaking performance for FY22. While the Board modelled a strong outcome for FY22 we may have underestimated the accelerated contribution our strengthened business would have on the Group’s FY financial metrics. Record breaking organic revenues, profitability and forward contracted revenues have all exceeded management expectations. We are now in the fast lane of growth and expect to exceed current guidance that had already been upgraded in March, July, September and November 2022.
“Our balance sheet is very strong, with excellent cash conversion and I’m very pleased to report a fourth consecutive year of EBITDA improvement. Cash has also far exceeded management expectations, more than doubling from FY21. Net customer contribution (being gross margin less bad debt) is being managed as we grow. Adjusted EBITDA margin has also dwarfed the 2.1% achieved in H122 (FY21: 1.1%) and as such we have clear visibility of our stated £500m revenue at 4%+ target.”