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(Alliance News) - Yu Group PLC on Tuesday said bookings drove its annual profit and revenue in 2023, and looks to 2024 with confidence as its order book continues to grow.
Yu is a Nottingham-based supplier of gas and electricity, meter asset owner and installer of smart meters to the UK corporate sector.
Yu said Pretax profit multiplied in 2023 to GBP39.7 million from GBP5.8 million the year before. This was driven by a 65% jump in revenue to GBP460.0 million from GBP278.6 million in 2022, the firm reported, which was attributed to strong sales bookings.
Yu recommended a final dividend of 37 pence per share, multiplied from a total dividend of 3p the year prior, bringing its total dividend to 40p per share.
Looking ahead, Yu said its order book continues to grow, with strong bookings and margin performance continuing into 2024, despite a lower commodity market environment, it said. The firm added that it expects to deliver organic growth of around 50% in 2024.
The firm also added that it expects "very strong operational cash generation" for the full year from working capital benefits of the new trading agreement with oil giant Shell PLC's subsidiary, Shell Energy Europe Ltd.
Last month, Yu said its subsidiary, Yu Energy Retail Ltd, entered struck a trading teal with Shell Energy Europe for an initial five-year term. "Entry into the hedging facility represents the conclusion of a twelve-month selection and due diligence process and is effective immediately. The hedging facility replaces the previous arrangement entered into in 2019 with SmartestEnergy Ltd," Yu had explained.
Shares in Yu Group rose 5.1% to 1,435.00 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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