Strong half-year results for Nottingham gas and electricity supplier
Yü Group, supplier of energy and utility solutions to businesses, has released its half-year results for six months to 30 June.
The Nottingham-based firm’s results show that their revenue grew by 51% to £194.9m from £129.2m, while adjusted EBITDA increased to £13.7m from £2.7m, benefiting from a higher net customer contribution.
Profit before tax rose 62% from 5.5% to £8.9m, with a non-cash charge of £4.2m.
The digital platform and market position led to an average monthly booking increase to £51.3m from £14.3m, with a 52% rise in the number of meter points.
The company also has a cash position of £36.6 m compared to £15.7m, and the operating cash inflow has surged by 82% to £18.7m from £10.3m.
Additionally, they’ve announced an interim dividend of 3 pence per share, in line with their dividend policy, which was not present in H1 2022.
Bobby Kalar, chief executive officer, said: “Our Yü Smart business is now fully embedded and delivering impressive results since its launch in January 2023 and I’m pleased that meter installation numbers are growing by the month. I expect the Group to have installed at least 10,000 meters by the end of this year. I believe the integration of Yü Smart to the supply business will be a game changer in terms of the Group’s ability to better understand customer usage and payment habits.
“We have strong foundations, a proven strategy and great momentum in a substantial market. We look forward to continuing to deliver in H2 2023 and beyond.”