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Yü Group swings to higher revenues on 2021 momentum

Yü Group shares were down 2.6% to 202p in late afternoon trading, despite a slate of positive results in its Q1 2022 trading update.

The independent energy company announced a strong start to FY 2022, with its momentum from FY 2021 propelling its revenue growth and profit margins ahead of Q1 2021 levels.

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Yü Group reported average monthly bookings at £13 million, representing an 81% year-on-year growth in the four months to 30 April 2022.

The firm commented that it remained focused on delivering profitable and controlled growth, with a strong forward contract book going forward in 2022.

The company further noted the creation of a Metering Services Division, reportedly providing the ability to gain control of a larger segment of the value chain and drive significant value enhancement over the medium term.

Yü Group said it would provide an additional report in its July trading update, covering the term to 30 June 2022.

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“I am pleased to report a very strong start to the year. Despite commodity market volatility, we have delivered record revenues for the four months to 30th April 2022, with continued strong momentum,” said Yü Group CEO Bobby Kalar.

“I’m delighted that the Group has acquired the management capability of a smart metering business, which I truly believe to be a game-changer.”

“I look forward to scaling this new capability, combined with the efficiencies from our Digital by Default strategy, to further enhance our growth and profitability.”

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