Yu Group shares jumped 64.58% after the group released a strong trading update for the year ended 31 December 2020.
The independent supplier of gas, electricity and water to the UK corporate sector said that despite the “inevitable challenge” of the pandemic, performance was ahead of expectations.
In the second half of the year, Yu group saw record sales with average monthly bookings outperforming expectations at £10.3m. Strong sales momentum has continued into January.
“I’m pleased to report an extremely strong trading performance, accelerating throughout H2 2020, that has resulted in the Group expecting to exceed FY 2020 revenue, cash and profit market expectations. Additionally, the Board’s expectations for full year ending 31 December 2021 are now ahead of previous levels,” said Bobby Kalar, the Yu Group chief executive.
“The Board’s growth objective for 2020 was very clear that, having strengthened the business for significant sustainable growth, we would begin to rapidly scale. I’m pleased that our meter point count as of 31 December 2020 was approaching 18,000, an increase of over 100% since the beginning of 2020. The majority of the meter point growth was booked in H2 as the sales channels gathered momentum, and we will see this positively impact revenue in 2021 and beyond.”
Adjusted EBITDA for the full-year 2020 is expected to be significantly ahead of market expectations.