AGM & Trading Update

RNS Number : 8439M

Yu Group PLC

26 May 2022

 

26 May 2022

Yü Group PLC

("Yü Group" or the "Group")

AGM & Trading Update

Yü Group PLC (AIM: YU.), the independent supplier of gas, electricity and water to the UK corporate sector, provides the following trading update for the first quarter of 2022 ahead of its Annual General Meeting ("AGM").

The AGM will be held in person at 11:00am today at DLA Piper LLP, 160 Aldersgate Street, Barbican, London EC1A 4HT. The Group advises that copies of the Annual Report and Accounts and Notice of Annual General Meeting are available to download from the Company's website at www.yugroupplc.com. The presentation given by the Chairman and CEO will also be available on the Company's website shortly after the meeting.

Trading Update

The Group is pleased to report a strong start to the year with the good momentum from FY2021 continuing and expects the overall Company performance in FY2022 to be in line with market expectations.

The four months ending 30 April 2022 has seen significant revenue growth, at improved profit margins, compared to the same period in 2021. This provides management with high confidence for the remainder of FY2022.  

Average monthly bookings for the four months to 30 April 2022 stood at £13.0m, up 81% compared to the same period in 2021.

The Group remains focused on delivering profitable and controlled growth, based on a strong forward contract book as well as unlocking the benefits of its 'Digital by Default' strategy.

During the period the Group also announced the creation of a Metering Services Division providing the ability to control a larger part of the value chain and drive significant value enhancement over the medium term.

Yü Group will provide a further update in its July trading update, covering the period to 30 June 2022.

Bobby Kalar, Chief Executive Officer, Commented:

"I am pleased to report a very strong start to the year. Despite commodity market volatility, we have delivered record revenues for the four months to 30^th April 2022, with continued strong momentum.

I'm delighted that the Group has acquired the management capability of a smart metering business, which I truly believe to be a game-changer. I look forward to scaling this new capability, combined with the efficiencies from our Digital by Default strategy, to further enhance our growth and profitability."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

For further information, please contact: 

Yü Group PLC

Bobby Kalar

Paul Rawson

[phone]

SP Angel Corporate Finance LLP

Jeff Keating

Bruce Fraser

Caroline Rowe

[phone]

Tulchan Group

Giles Kernick

Olivia Peters

Oliver Norgate

[phone]

Notes to Editors

Information on the Group

Yü Group PLC, trading as Yü Energy, is an independent supplier of gas, electricity and water focused on servicing the SME and corporate sector throughout the UK. It has no involvement in the domestic retail market. The Group was listed on the AIM market of the London Stock Exchange in March 2016.

 

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