(Alliance News) - Yu Group PLC on Tuesday announced its continued strong financial performance following revenue growth, margin expansion, as it prepares to launch its smart metering business.
The supplier of energy and utility solutions to the corporate sector expects first-half revenue to exceed GBP125 million, an increase of over 90% compared to revenue of GBP65.8 million a year before.
Annual revenue for 2022 is expected to exceed the 2021 figure of GBP155.4 million by over 50%.
Shares in Yu Group were up 6.0% at 198.80 pence per share in London on Tuesday afternoon.
Further, the group reported a cash generation and performance increase of 37% to GBP15.7 million from GBP11.5 million a year prior.
Adjusted earnings before interest, tax, depreciation and amortisation has "continued positive momentum", driven by operational leverage and debtor management.
Chief Executive Bobby Kalar said: "[The first half of 2022] will represent our fourth consecutive period of revenue growth and margin improvement."
The Nottingham, England-based firm has commenced the rollout of its online platform aimed at reducing cost to serve and acquiring new customers.
The upcoming financial period will see the launch of Yu Group's smart metering business, Yu Smart, having received the required licenses. The group expects the launch to provide "new opportunities" and financial benefits to be derived the following year.
Liberum Capital has been appointed as nominated advisor and broker to "increase shareholder engagement in the next chapter of growth", Yu said.
By Dominique Pretorius; dominiquepretorius@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Yu Energy (YU.)