Yu Group PLC - Nottingham-based supplier of gas and electricity, meter asset owner and installer of smart meters to the UK corporate sector - Expects to outperform revenue expectations for 2023, thanks to accelerating growth in the first half of the year. Achieves record average monthly bookings in the half of GBP51.3 million, more than double the previous year. Says this provides "clear revenue visibility" for the rest of the year and underpins future growth. Expects expansion in earnings before interest, tax, depreciation and amortisation margin in the half. Mid-term Ebitda margin goal is 4%. Interim results are expected to be "substantially" ahead of current market expectations, which it does not specify.
"We are delighted to have accelerated our strong trading momentum and our growth continues to surpass expectations. We continue to deliver strong financial performance as more customers lock in the benefit of a softening commodity market," says Chief Executive Bobby Kalar.
Yu Group will publish its interim results on September 26.
Current stock price: 792.55 pence, up 6.2% in London on Tuesday morning
12-month change: more than quadrupled from 197.50p
By Heather Rydings, Alliance News senior economics reporter
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Yu Energy (YU.)