Yu Group H1 revenues show 'significant' growth

Independent gas, electricity and water supplier Yu Group recorded "significant" revenue growth in the six months ended 30 June, driven by "strong organic growth" from new bookings and increased customer demand.

Yu Group said on Thursday that first-half revenues were, expected to increase 41.6% on year-on-year to approximately £65.0m, with average monthly bookings growing 56.5% to £9.7m.

The AIM-listed group also expects to report positive underlying earnings for the period, a marked turnaround from the £1.8m loss the firm recorded at the halfway point of 2020.

Yu also highlighted its "strong balance sheet" and positive cash position of £11.5m, which was broadly flat year-on-year despite having made an investment in a new office location in Leicester.

Chief executive Bobby Kalar said: "We are delighted to have made a very strong start to the year and expect this positive momentum to continue. Our strategy is delivering, the business is performing well, and we are on track to make further strong progress during 2021 and beyond.

"With our strong operational and financial H1 performance and the volume used by our SME customers returning to pre COVID levels, we look to the future with continued confidence and excitement, reflecting a very positive outlook."

As of 0920 BST, Yu shares had shot up 9.62% to 285.0p.