Revenues power up at Yü Group after ‘fantastic’ year

Nottingham-based supplier of gas, electricity, meter asset owner and installer of smart meters to the UK corporate sector, Yü Group, has posted an upbeat trading update for 2023.

The company says that full-year revenue is expected to exceed £450m – up from £279m in 2022 – with organic revenue growth of over 60%. Meanwhile, EBITDA is expected to be “significantly” ahead of current market expectations.

The company also says it has secured contracted revenues of £519.7m to be delivered in FY24, up 111%.

Bobby Kalar, CEO of Yü Group, said: “Once again, the group has delivered a fantastic all-round performance, and I am delighted to report another set of record-breaking results.

“We have a clear strategy and the processes in place to deliver exceptional profitable growth whilst navigating a turbulent commodity market.

“The contracted revenue and bookings momentum provides the board with confidence in delivering continued significant organic growth for FY24 and beyond.

The news comes after Yü Group upgraded forecasts three times throughout 2023.