Last checked at 17 May 2018 07:00
Yü Group PLC
(the "Group")
Directorate Change and Trading Update
Yü Group PLC, the independent supplier of gas and electricity to the UK corporate sector, announces that Nick Parker, who has been the Group's Chief Financial Officer since September 2015, has indicated to the Board his desire to step down from his role to pursue other opportunities.
Nick played a major part in successfully delivering the IPO of Yü Group in March 2016 which laid the foundations needed to support the Group's continued rapid growth. Nick intends to leave the Group on 31 July 2018 but will continue to be available thereafter to ensure an orderly transition to his successor. An executive search agency has been appointed to identify suitable candidates and a further update will be provided in due course.
Nick has entered into an orderly market agreement in relation to his holding of 500,000 ordinary shares (3.1% of the company's share capital) expiring on 18 September 2018.
Trading update
The Group is pleased to report that trading in the first four months of the year has been strong and in-line with management expectations (the "Period"). During the Period average annualised bookings per month rose to £6.6 million, which compares to an average of £5.1 million during 2017.
Group contracted revenues at the end of April 2018 have risen to £65.7 million, up from £50 million reported as at 31 December 2017. The Group has generated £1.6 million of free cash flow in the Period, resulting in cash balance as at 30 April 2018 of £18.6m.
The Group continues to manage its rapid growth through expansion of its sales force and service capability. Headcount has grown from 101 at the end of 2017 to 128 in April 2018. The Group will issue its scheduled trading update in July following conclusion of the period ending 30 June 2018.
Bobby Kalar, CEO, said:
"On behalf of the Board, I would like to thank Nick for his contribution to the Group and in particular the role he played in our highly successful IPO, where his corporate experience proved invaluable. He has been an intrinsic part of the Group's success to date, having been involved in its growth from a small enterprise with annualised revenues of £3 million to one that delivered revenues of £47 million in 2017. I would very much like to thank Nick for his ever-present advice and support over this period and wish him well in the future."
"As demonstrated by trading in the first four months, the business continues its rapid growth trajectory and we look forward to updating the market in due course."
For further information please contact:
Yu Group PLC Bobby Kalar
| +44 (0) 115 975 8258 |
Shore Capital Dru Danford Edward Mansfield Anita Ghanekar
| +44 (0) 20 7408 4090 |
Alma PR John Coles Josh Royston Robyn Fisher | +44 (0) 20 8004 4218 |
Notes to Editors
Information on the Group
Yü Group is an independent supplier of gas and electricity focused on servicing larger corporate and SME businesses throughout the UK. It has no involvement in the domestic retail market. The Group is listed on the AIM market of the London Stock Exchange following a successful IPO in March 2016.