Energy supplier sees 72% hike in profits
Nottingham-based gas and electricity supplier Yü Group saw its pre-tax profits surge by 72% to £5.8m last year following the successful roll-out of its Yü Smart metering business.
The firm also notched up record-breaking revenues of £278.6m – a 79% increase on the £155.4m it accumulated in 2021.
Continued investment in Yü’s digital strategy is expected to pay off this year, which has already got off to a stellar start. The firm’s average monthly bookings are already “significantly” ahead of last year’s tally.
Yü Group CEO Bobby Kalar said: “I’m pleased to report another fantastic year for Yü Group. We have once again clearly demonstrated our ability to surpass financial performance metrics and, with the strong momentum we have in the business, we are confident of this recurring theme continuing into 2023.
“Our record-breaking financial performance and significant strategic progress is a testament to the strength of the Group.”
“To achieve this despite the backdrop of a turbulent energy market is credit to the strong foundations we have in place and the ability and character of the team”, he added.
“It’s been a busy year! Developing and integrating our smart metering business, Yü Smart from a standing start to a fully functioning business performing at pace has been a particular highlight. I’m proud to lead a team who have seized this opportunity to build and grow new capabilities.
“We have got off to a fantastic start in 2023 with our exceptional performance continuing. Whilst we remain vigilant, we look forward to delivering continued shareholder value in 2023 and beyond.”
