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(Alliance News) - Yu Group PLC on Tuesday hailed its financial performance in 2022, with revenue expected to surge and margins tipped to top market expectations.
Shares were up 9.6% at 699.00 pence each on Tuesday morning in London.
The supplier of gas, electricity and water to businesses said it expects full-year revenue to top GBP275 million, up 76% from GBP155 million a year ago.
Yu said it has contracted revenue of GBP246.8 million for 2023, up 57% from GBP156.5 million last year.
The adjusted earnings before interest, tax, depreciation and amortisation margin is anticipated to be significantly ahead of market consensus, beating the 2.1% booked in the first half of 2022. This is compared to an Ebitda margin of 1.1% in 2021.
Yu noted average monthly bookings from annualised contracts signed up in the year totalled GBP24.5 million, up 78% from GBP13.8 million a year ago.
Net cash at period-end amounted to GBP18.8 million, compared to GBP6.8 million a year earlier.
Looking ahead, Yu expects high organic growth to continue to financial 2023 and over the medium term.
It will declare a dividend at the time of 2022 results.
In September, Yu had posted pretax profit of GBP5.5 million in the six months that ended June 30, up significantly from GBP1.1 million a year ago, as revenue doubled to GBP129.2 million from GBP65.8 million.
By Xindi Wei, Alliance News reporter
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