LONDON (Alliance News) - Yu Group PLC on Wednesday said it expects to report a swing to loss in 2018 despite 70% growth in revenue.
Yu Group shares more than doubled on Wednesday to 147.50 pence each.
The supplier of gas, electricity and water to the UK corporate sector expects the adjusted pretax loss to be within the range of GBP7.4 million and GBP7.9 million for 2018.
Meanwhile, revenue for the year is expected to come in at GBP80 million. In 2017, revenue totalled GBP47 million and adjusted pretax profit was GBP2.5 million.
Yu Group has maintained its focus on customer service in 2018, including via its three ring pick-up policy, and intends to continue to attract new customers and employees, whilst developing existing teams across the business.
Looking ahead, the company currently has in excess of GBP85 million of revenue contracted for 2019.
"Whilst we are being more selective and prudent in relation to our growth, we are securing new business at a reasonable margin," said Chief Executive Bobby Kalar.
"I remain confident in the underlying business, the significant market opportunity available to us, and the long term success of our proposition and I am absolutely driven to put us back on track," added Kalar.
Yu Energy (YU.)