Yü powers up for revenue boost

Yü Group, the Nottingham-based independent supplier of gas and electricity to businesses has posted a big rise in revenues for the six months to 30 June.

Yü saw turnover increase from £1.3m in 2015 to £5.1m this year. The firm made a loss of £284,000 before tax, IPO payments and share-based payments. Yü was floated on AIM in March.

Bobby Kalar, group chief executive officer, said: “I am pleased to report that momentum has continued to grow through the first half of the year, primarily driven by the exit from Controlled Market Entry and investment in sales and marketing post our IPO. The pipeline of contracted sales is growing faster than we had anticipated and we continue to focus upon protecting margin and keeping costs under control so that the Group can deliver a strong return and healthy cash generation.

“We were delighted with the response to our IPO in March and it is particularly pleasing to reward our new shareholders with a maiden dividend alongside the adoption of a progressive dividend policy, which underlines the cash generative nature of the business and our confidence going forward. We are pleased to be in a position where we will achieve profitability earlier than forecast, by the end of December 2016 and with the continuing growth of contracted revenues providing a strong platform for 2017.”