Last checked at 18 Jul 2016 07:00
18 July 2016
Yü Group PLC("Yü Group" or the "Group")
Trading Update and Notice of Results
Yü Group PLC (AIM: YU.), the independent supplier of gas and electricity to the UK corporate sector, is pleased to provide a trading update in respect of the six month period ended 30 June 2016.
Group revenues for the period are anticipated to be in line with management's expectations as at the time of the Group's admission to trading on AIM. Gross margins in the period have been robust and, despite significant growth in the business and the number of employees, overhead costs have been controlled tightly and the Group remains on track to meet market expectations for FY16.
The net cash raised at the time of the IPO has been placed on separate deposit with the Group's bankers and is being utilised, as intended, to support Letters of Credit to ensure that the Group continues to adhere to its stated hedging policy.
Annualised bookings for the first six months of the year were approximately 60 per cent ahead of budget and, while some of these contracts will not have an impact on the current year, they provide considerable comfort regarding the ongoing rapid growth of the Group. As at 30 June 2016, the Group had £13.4 million of contracted annual revenues for the financial year ending 31 December 2016. This compares with contracted revenue of £8.4 million at the start of the year.
Bobby Kalar, Chief Executive of Yü Group, said: "We are delighted with the Group's progress over the first half of the year and have delivered on our objectives as envisaged at the time of IPO in March 2016. The business is developing well which, combined with the proceeds from our recent placing, underpins the strong growth potential of the Group. I look forward to the future with confidence."
Interim results
The Group intends to publish its interim results for the six month period ended 30 June 2016 on Tuesday 20 September 2016.
For further information, please contact:
Yü Group PLC Bobby Kalar Nick Parker
| +44 (0) 115 975 8258
|
Shore Capital Bidhi Bhoma Edward Mansfield Anita Ghanekar | +44 (0) 20 7408 4090 |
Alma PR Josh Royston Hilary Buchanan John Coles |
+44 (0) 7780 901 979 +44 (0) 7515 805 218 +44 (0) 7836 273 660 |
Notes to Editors
Information on the Group
Yü Energy 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 was founded by Bobby Kalar and is listed on the AIM market of the London Stock Exchange following a successful IPO in March 2016.