Yü Group revenue surges 40% as smart metering business momentum builds
Yü Group PLC, the independent supplier of gas and electricity to the UK corporate sector, has reported a material increase in revenues as it continues to expand its smart metering business.
The group’s revenue surged by 40% to £645.5 million, driven primarily by a significant increase in the volume of energy supplied, which grew by 78% to 2.21 TWh. This translated into an Adjusted EBITDA of £48.8 million, representing an 11% increase compared to the previous year. Profit before tax similarly improved by 12% to £44.5 million.
Investors will be delighted to learn Yü Group has continued to expand its footprint in the UK corporate energy market, laying the foundations for future growth. The number of meter points supplied grew to 88,000, representing a 65% increase from the previous year.
Despite this significant growth, the Group’s market share stands at just 2.7% of its £50 billion addressable market, pointing to substantial opportunities for further expansion.
Yü Group’s management has set targets for 2025, including expanding to over 120,000 supplied meter points and over 60,000 smart meter assets owned. Revenue is expected to range between £730 million and £760 million. However, energy prices are anticipated to act as a headwind to sales growth, with a 9% year-on-year price reduction already embedded in the contract book.
The company hiked its dividend by 50% to 60p for the full year. Yü Group’s medium-term target is to achieve three times dividend cover on earnings per share.
Yü Group’s hedging agreement has provided the company with the ability to boost investment back into growth as it has lessened the demand for posting cash a collateral. Cash balances were £80.2 million , up £48.1 million on the year, largely as a result of the hedging agreement.
“The team and I continue to focus on delivering our strategy, which has delivered another new set of record results, with further strong growth in revenue, profit and cash terms. I’m particularly pleased that this is our 6th year of profit growth, and we have taken revenue from £81m in 2018 to £646m in 2024. This growth is set to continue, although at a slower pace in percentage terms due to the larger base,” said Bobby Kalar, Chief Executive Officer of Yü Group.
“Our disciplined approach to growth and the focus on our core target market remains, and our smart metering business is starting to bear considerable fruits.
“Whilst softened commodity markets provide a lower revenue per customer, our 78% growth in delivered energy volume demonstrates the opportunity being taken. We continue to grow market share, nearly doubling year-on-year to 2.7%, and we have a huge addressable market available and are set-up to scale.
“Our smart metering business continues to perform well. I’m really pleased and proud that from standstill in 2023 we now have a fully functioning engineering capability across the Country, with our own training centre and a highly skilled and driven management team. I’m very much looking forward to guiding this business as it develops further.”
Greatland Gold confirms 10 million ounce group resources, shares touch highest level since 2023
Greatland Gold shares jumped on Tuesday after the company confirmed the expansion of its mineral resource portfolio following its acquisition of the Telfer gold-copper mine.
Greatland’s total Group Mineral Resources are now 10.2 million ounces of gold and 387,000 tonnes of copper, making it one of Australia’s leading gold miners in terms of resources.
The uplift came as the inaugural Mineral Resource Estimate (MRE) for the Telfer mine confirmed it will contribute 3.2 million ounces of gold and 117,000 tonnes of copper to Greatland’s resource base.
Greatland shares were 8% higher at the time of writing and had touched the highest point for more than a year.
The Telfer MRE comprises three key components: the West Dome Open Pit, which contains 2.1 million ounces of gold and 61,000 tonnes of copper; the Main Dome Underground, contributing 700,000 ounces of gold and 40,000 tonnes of copper; and existing stockpiles, which hold a further 400,000 ounces of gold and 16,000 tonnes of copper.
Notably, 46% of the gold in the Telfer resource falls within the Measured or Indicated categories, representing 1.4 million ounces of gold and 62,000 tonnes of copper.
Today’s Group Mineral Resources figure of 10.2 million ounces of gold and 387,000 tonnes of copper includes both the Telfer mine and the Havieron deposit, representing a substantial 40% increase in the company’s overall resource base.
Overall, 55% of the gold within the Group Mineral Resources falls within Measured or Indicated categories, totalling 5.6 million ounces of gold and 227,000 tonnes of copper.
“This inaugural Greatland Telfer Mineral Resource estimate is an outstanding result, delineating 3.2 million ounces of contained gold. This exceptional outcome is a testament to the significant opportunities we saw at Telfer during our acquisition due diligence, and the excellent work of our team to progress and validate those opportunities in short order,” said Greatland Managing Director, Shaun Day.
“Total group Mineral Resources now stand at more than 10.2 million ounces of gold and 387,000 tonnes of copper, an exceptional foundation for Greatland as a leading new Australian gold and copper producer.
“When we announced the acquisition, we described an initial 15-month mine plan at Telfer to produce 374,000 ounces of gold and 13,000 tonnes of copper. Our two key focuses at Telfer now are continuing safe and profitable operations and demonstration of mine life extension.”
Greatland Gold has outlined several key priorities for the Telfer operation going forward. The 2024 Telfer MRE will underpin the company’s inaugural Telfer Ore Reserve, which is targeted for completion in the June 2025 quarter.
The company has already mobilised additional drilling capacity at the site, focusing on high-priority infill drilling to convert Inferred Resources to Indicated category, as well as extension drilling to further grow the resource base. Currently, four drill rigs are operating at the site, with two more scheduled to be mobilised in the June 2025 quarter.
FTSE 100 carves out gains as miners gain, Phoenix Group soars
The FTSE 100 carved out gains on Monday as investors digested a wide range of macro developments and company updates.
London’s leading index was 0.15% higher at the time of writing as mining stocks gained and Phoenix Group soared to the top of the leaderboard.
Positive news from China helped support the index as miners reacted to China’s stimulus developments and a ‘special action plan’ to boost consumer spending.
However, gains were capped as investors braced for a busy week of central bank action and economic data. The first major data point of the week, US retail sales, was a disappointment, with growth of just 0.25% compared to estimates of 0.6%.
“Markets are in choppy waters at the start of a week dominated by central bank decisions, as investors navigate risky trade currents and geopolitical uncertainty,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.
“Hopes that a new consumer life raft in China will buoy up the country’s prospects of recovery have helped lift sentiment slightly, but caution remains.”
The Federal Reserve will kick off its interest rate meeting tomorrow and release its decision on Wednesday. The Fed is expected to keep rates on hold, but its forecasts of economic activity will be scrutinized for insights into its thinking on Donald Trump’s tariffs.
Phoenix Group
Phoenix Group soared to the top of the FTSE 100 leaderboard on the news strength in the group’s Pensions and Savings and Retirement Solutions businesses meant it would achieve financial goals sooner than previously thought.
“We are ahead of plan from both a strategic and financial perspective, delivering Operating Cash Generation of £1.4bn two years ahead of our 2026 target,” said Phoenix Group CEO, Andy Briggs.
Phoenix Group shares were 9% higher at the time of writing.
Miners Antofagasta and Rio Tinto were also among the risers on China stimulus hopes. JD Sports rose 2% as bargain hunters stepped in to pick up the beaten down retailer.
AstraZeneca weighed on the index after announcing the $1 billion acquisition of EsoBiotec, a Belgium-based cell therapy company.
“Pharmaceutical companies face a continual pressure to move on to the next major treatment or medical breakthrough as they spy the end of patent protection on their existing drugs,” said
“That explains why AstraZeneca has doled out $1 billion to buy Belgian firm EsoBiotec which has made some clinical advancements in cell therapy. It empowers immune cells within a patient’s body to fight off disease.
“This still represents a relatively small bet for a company of AstraZeneca’s size – it is paying out an initial $425 million with the remainder based on hitting certain milestones, having posted revenue of more than $54 billion in 2024.”
AIM movers: Tough conditions for fertiliser producer Harvest Minerals and Logistics Development tender
RBC has raised its recommendation for vet practices operator CVS Group (LON: CVSG) from perform to outperform with the price target increasing from 940p/share to 1,500p/share. The share price recovered 10.3% to 1074p.
Logistics Development Group (LON: LDG) raised its NAV by 4.4% to 22.3p/share in the quarter to December 2024. This is before the announcement of the original and the increased offer by DBAY for investee company Alliance Pharma (LON: APH). A tender offer of 19p/share is being prepared. That would distribute up to £21m. The share price is 9.26% higher at 14.75p.
Oil and gas company Block Energy (LON: BLOE) has acquired rights to exploration areas in the Samgori South Dome field near to its existing operations in Georgia. There are known gas reserves in the area. This increases Project III prospective gas resources by 574bcf. The share price rose 8.82% to 0.925p.
Huddled Group (LON: HUD) has appointed Paul Simpson, who was co-founder of investee company Nutricircle, as chief operating officer. Mike Ashley, who has had high profile roles at retailers and building products supplier, has joined the board as an independent non-executive. The share price improved 7.69% to 3.5p.
Moroccan potash project developer Emmerson (LON: EML) has drawn down the first tranche under the funding of up to $11m for litigation finance and working capital. The company has granted security over certain assets to the lender. Boies Schiller Flexner, which has a strong track record, is litigation counsel for the legal dispute with the Government of Morocco over the permitting of the Khemisset potash project. The share price rebounded 7.5% to 2.15p.
FALLERS
Brazil-based fertiliser producer Harvest Minerals (LON: HMI) delivered 37,186 tonnes of KP Fertil in 2024. A further 3,692 tonnes has been invoiced but not delivered. The company expects to deliver 70,000 tonnes in 2025. The agricultural market in Brazill is hampered by higher costs and lower commodity prices that have affected demand for fertiliser. A strategic review is underway. The share price slumped 37.5% to 0.375p.
Beeks Financial Cloud (LON: BKS) reported interim figures in line with the recent trading statement. It also announced its first customer in the crypto exchange market. Interim revenues were 22% ahead at £15.8m. Underlying pre-tax profit improved 37% to £1.89m. The Infrastructure-as-a-Service company is changing its sales model from long-term contracts to revenue sharing for the Exchange Cloud product. This makes forecasting more difficult. Canaccord Genuity has trimmed its 2024-25 pre-tax profit from £6.1m to £6m, while next year’s figure has been cut from £7.7m to £7m. Beeks Financial Cloud has a high rating so any uncertainty and poor news, such as that there was some churn of customers, can hit the share price, which is 20.5% lower at 202p.
Waste to energy technology developer Powerhouse Energy (LON: PHE) has raised £1.25m at 0.5p/share to finance the development of operations and to showcase the process at the technology centre in Bridgend. There will also be £350,000 spent on permitting and developing a project in Ballymena. An additional £125,000 could be raised via a retail offer, which closes on 19 March. The share price dipped 17.5% to 0.525p.
Growth in antenna sales by MTI Wireless Edge (LON: MWE) offset lower revenues elsewhere, so full year group revenues were flat at $45.6m in 2024, while underlying pre-tax profit was also flat at $4.8m. Net cash was $6m at the end of 2024, after $1.3m of share buybacks plus dividend payments. The 2024 dividend is 3.3 cents/share. Mottech was hit by disruption to irrigation projects in Israel, but higher margin services revenues helped profit to improve. The profit of the distribution and defence business slumped, but higher defence spending is likely to boost future revenues. The share price declined 11.7% to 60.5p, but it is still 42.4% higher this year.
Why have US Quantum Computing shares ripped higher?
Quantum computing shares, including D-Wave Quantum, Rigetti Computing, and IONQ, staged a rip-roaring rally at the end of last week in the latest twist in the sector’s meteoric rise that started in November last year.
The rally’s driving force was an announcement by key player D-Wave Quantum, which claimed it had developed the ‘world’s first and only demonstration of quantum computational supremacy on a useful, real-world problem’.
D-Wave said its annealing quantum computer performed a simulation that would take a normal computer nearly one million years in just minutes.
“This is a remarkable day for quantum computing. Our demonstration of quantum computational supremacy on a useful problem is an industry first. All other claims of quantum systems outperforming classical computers have been disputed or involved random number generation of no practical value,” said Dr. Alan Baratz, CEO of D-Wave.
The development sparked a wave of buying in D-Wave shares that turned positive on the year and helped lift other quantum stocks such as Rigetti Computing, Quantum Computing and IONQ.
D-Wave also announced earnings last week, revealing bookings had increased 128% in the last year and saying first-quarter revenue was set to exceed $10m, compared to $8.8m for the whole of last year.
Further compounding interest in the sector, analysts at investment bank Mizuho Securities suggested that chip giant Nvidia may outline a path to wider quantum computing adoption at a conference this week, raising hopes that the sector could be on the verge of greater commercial penetration.
Any such roadmap would be a real boost to the sector after the Nvidia boss stopped the quantum computing rally in its tracks in early 2025 by saying we are decades away from using quantum computing in real-world applications.
The rally in quantum stocks last week was mostly speculative. But this week’s Nvidia conference could produce a nugget or two that validates the quantum computing investment thesis.
Harmony Energy Income Trust set for £190m takeover by Foresight
Harmony Energy Income Trust and Foresight Group LLP have announced an agreement on the financial terms of a potential acquisition that would value the renewable energy company at £190.8 million.
The offer is the result of an asset sale process announced by Harmony Energy Income Trust last year that aimed to dispose of some or all of Harmony’s renewable energy battery storage portfolio.
Under the possible cash offer, HEIT shareholders would receive 84.0 pence per share, representing a significant 29% premium to the closing share price of 65.2 pence on 14 March 2025, and a substantial 76% premium compared to the share price on 29 May 2024, when HEIT’s asset sale process was first announced.
The asset sale process began after a period of poor Harmony Energy Income Trust share price performance and a reduction in the portfolio’s NAV.
Foresight Group, a leading investment manager specialising in real assets with extensive experience in energy transition and renewables, said it views HEIT’s battery energy storage system portfolio “to be highly complementary with Foresight’s strategic mandate and Foresight’s existing investments in renewable energy and storage.”
Foresight Group manages leading close-ended renewable energy vehicles, such as the Foresight Solar Fund and Foresight Environmental Infrastructure, formerly known as JLEN.
The HEIT Board believes Foresight’s offer “delivers a superior outcome for shareholders.”
In a show of confidence in the deal, Harmony Energy Limited has already provided an irrevocable undertaking to vote in favour of the firm offer, representing approximately 12.04% of HEIT’s issued ordinary share capital.
Adsure Services appoints new Healthcare Director to complete leadership team
Adsure Services PLC has announced the appointment of Veran Patel as Director of Healthcare at its subsidiary TIAA Limited. Patel, who brings over 20 years of audit and consulting experience, will lead TIAA’s healthcare business unit.
In his new role, Patel will be responsible for implementing Adsure’s growth strategy in the healthcare sector, focusing on expanding into new regional markets and developing additional services to enhance value for existing clients.
The appointment marks a significant milestone for Adsure, as it completes TIAA’s new management structure with all four market lead positions now filled simultaneously for the first time.
This development is expected to position the specialist business assurance provider to maximise organic growth opportunities across all its operational sectors.
“We’re delighted to welcome Veran to TIAA’s leadership team,” said Kevin Limn, CEO of Adsure Services.
“His track record of delivering business assurance solutions to a range of clients will further strengthen our healthcare business unit. Veran’s appointment reflects our commitment to growth across all of TIAA’s sector portfolios and our focus on meeting our clients’ requirements.”
Today’s announcement follows a recent update from Adsure Services on the deployment of K10 software to improve effencies across the business. The software will also help Adsure train its proprietary AI large language model (LLM), which is being developed to bolster their services for government-funded organisations.
AstraZeneca to acquire EsoBiotec advance cell therapy platform
AstraZeneca has announced an agreement to acquire EsoBiotec, securing the biotechnology firm’s pioneering in vivo cell therapy platform that has shown promising early clinical results.
Under the terms of the transaction, AstraZeneca will acquire EsoBiotec for up to $1 billion on a cash and debt-free basis, comprising an initial payment of £425 million upon closing and potential additional payments of up to £575 million tied to development and regulatory achievements.
Through the acquisition, AstraZeneca will obtain EsoBiotec’s innovative Engineered NanoBody Lentiviral (ENaBL) platform, a groundbreaking technology that employs highly targeted lentiviruses to deliver genetic instructions directly to specific immune cells within the patient’s body.
Once delivered, these instructions programme the cells to identify and eliminate tumour cells for cancer treatment, or target autoreactive cells for potential application in immune-mediated diseases.
Traditional cell therapies involve a cumbersome process—removing cells from patients, modifying them externally, and then reintroducing them after immune cell depletion.
This typically requires weeks of preparation. EsoBiotec’s approach, by contrast, allows for administration through a simple intravenous injection without the need for immune cell depletion, potentially transforming treatment from weeks to minutes.
“We are excited about the acquisition of EsoBiotec and the opportunity to rapidly advance their promising in vivo platform,” said Susan Galbraith, Executive Vice President, Oncology Haematology R&D, AstraZeneca.
“We believe it has the potential to transform cell therapy and will enable us to scale these innovative treatments so that many more patients around the world can access them. EsoBiotec will accelerate and expand the impact of our recent investments and marks a major step forward in realising our ambition to harness the full potential of cell therapy.”