16 July 2018
Yü Group PLC
("Yü Group" or the "Group")
Trading Update and Notice of Results
Yü Group PLC (AIM: YU.), the independent supplier of gas and electricity to the UK corporate sector, is pleased to provide a trading update in respect of the six-month period ended 30 June 2018 (the "Period").
Group revenues for the Period are anticipated to be in the region of £35 million (2017: £20.7 million) representing an increase of 69 per cent. As at 30 June 2018, the Group had £37 million of contracted revenue which is expected to be recognised in the remaining six months of the current financial year. When combined with anticipated bookings during the second half of the year, the Group expects to report revenues of at least £82 million for the full year to 31 December 2018, being a 74 per cent. increase on the prior year with both revenue and EBIT for FY18 expected to be in line with market expectations.
The Group has generated in excess of £2 million of free cash flow in the Period, resulting in cash balance as at 30 June 2018 of £18.2 million.
The proceeds of the placing undertaken in March 2018 are being deployed to accelerate growth and enabling management to increase investment in staff and infrastructure to support the continued growth that is evident in the business. With contracted revenue for FY19 already standing at £45 million, the benefit of this investment will bear fruit in 2019 and beyond.
In line with this investment, staff numbers continue to grow and current headcount is 140. The new office in Leicester is currently operating from a leased facility and the Group has entered into an agreement to acquire a new permanent purpose-built office, due to open during the course of 2019.
The process of appointing the Group's Finance Director to replace Nick Parker is at an advanced stage and the Board has been impressed with the quality of candidates, reflecting the status, culture and discipline of the business. Nick intends to leave the Group on 31 July 2018 but will continue to be available thereafter to ensure an orderly transition to his successor. A further announcement will be made in due course.
Notice of interim results
The Group intends to publish its interim results for the six-month period ended 30 June 2017 on Wednesday 19 September 2018.
Bobby Kalar, Chief Executive of Yü Group, said: "I am delighted with the continuing strong growth we have achieved not only in the first six months of the year but also the high levels of contracted revenue underpinning the Group's financial performance for the current year and beyond. This reinforces my belief that there remains significant room for the Group's continuing rapid growth. I am particularly pleased that we have achieved this growth whilst maintaining the very high levels of customer satisfaction which are so important to the Group. We now have the capital base and have accelerated investment in people and infrastructure to take full advantage of the market opportunity.
We continue to develop our disruptive brand and reputation with confidence whilst staying aligned to our core business.
For further information, please contact:
Yü Group PLC - +44 (0) 115 975 8258
Bobby Kalar
Shore Capital - +44 (0) 20 7408 4090
Dru Danford
Edward Mansfield
Anita Ghanekar
James Thomas
Alma PR
Josh Royston 07780 901979
John Coles 07836 273660
Robyn Fisher 07540 706191
Notes to Editors
Information on the Group
Yü Group PLC, trading as Yü Energy, is an independent supplier of gas and electricity focused on servicing larger corporate and SME businesses 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 following a successful IPO in March 2016.