Timing of results and COVID-19 update

RNS Number : 4717H

Yu Group PLC

25 March 2020

 

Yü Group PLC

("Yü Group" or the "Group")

  Timing of results and COVID-19 update

Yü Group PLC, the independent supplier of gas, electricity and water to the UK business sector, provides the following update to the market. 

Timing of results

As previously announced, Yü Group intended to publish its audited results for the year ended 31 December 2019 on Tuesday 31 March 2020. Yü Group confirms that the audit of its financial results for the year ended 31 December 2019 is at an advanced stage and that the Group was intending to publish its  audited results as it had planned. 

However, being mindful of the recent requests from the Financial Conduct Authority ("FCA") and the Financial Reporting Council for companies to delay the reporting of their financial results and following a request from its auditors, the Board has agreed to defer the announcement of its final results. Therefore, it will no longer publish them on 31 March 2020.  The audited results will be published once the situation becomes clearer and the FCA's moratorium has been lifted.

In line with existing guidance provided in the trading update announced on 28 January 2020, the Board expects to report revenues of approx. £110m (2018: £80.6m), an increase of c.35% and ahead of market expectations, and adjusted EBITDA at least in line with market expectations. Further, the Group confirms its balance sheet at 29 February 2020 included £13m of cash and cash collateral deposits with trading counterparties, the latter of which is expected to become available in Q2 2020 due to the benefit of the Group's new trading arrangement.

COVID-19 update and outlook

The welfare and safety of our people is our priority in these unprecedented times, and we have been taking appropriate action to mitigate the impact of COVID-19. We have closely followed official health advice, taken steps to mitigate the impact on our employees, and have successfully implemented our business continuity plan. All employees have transitioned to remote working with no material impact on business operations.

The Company will provide further updates to the market as and when there is greater clarity on the impact of COVID-19 on the trading environment and the UK Government's public health policy measures.

For further information, please contact:

Yü Group PLC Bobby Kalar Paul Rawson	[phone]
Shore Capital Advisory Edward Mansfield Anita Ghanekar James Thomas Broking Fiona Conroy	[phone]
Alma PR John Coles Hilary Buchanan Helena Bogle	[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 business sector throughout the UK. It has no involvement in the retail supply of energy to the domestic sector. The Group was listed on the AIM market of the London Stock Exchange in March 2016.

 

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