Yü Group FY23 Trading update and outlook for FY24 and beyond

Yü Group (YU.) FY23 Trading update and outlook for FY24 and beyond

Financial Highlights

• FY23 revenue expected to be £450m (FY22: £279m)

• FY23 EBITDA expected to be ahead of expectations

• FY23 Net Cash of £31.9m (1H23: £36.6m)

Operating Highlights

• Ave monthly bookings grew over 120% to above £55.0m (1H23: £51.3m)

• Improvement in customer service metrics

• Yü Smart business successfully integrated

• Gary Proctor as Managing Director of Yü Smart

Outlook

• Contracted FY24 revenues of £519.7m (FY23: £246.8m)

• Strong operating CF due to ‘normalised’ energy prices

• FY results may include significant increase to FY23 final Divi

Market Intelligence

• Today’s FY23 Trading Upgrades follows positive upgrades published in Sept’23

• FY23 revenue, EBITDA and operating cashflow well ahead of market estimates

• Double digit FY24/FY25 Revenue, EBITDA and EPS Sell-Side Upgrades

• House Broker Liberum maintains BUY rating and increases Target Price to 1,676p (1,415p)