23rd Jul 2024 12:49
(Alliance News) - Yu Group PLC on Tuesday announced strong growth in revenue in the first half of 2024.
Yu is an Nottingham, England-based independent supplier of gas and electricity, meter asset owner, and installer of smart meters to the UK corporate sector.
Yu said revenue increased by 60% to approximately GBP310 million in the six months that ended June 30 from GBP195 million a year before, despite "mild spring temperatures" in the UK.
Monthly average bookings declined by 8.6% to GBP46.9 million in recent six months from GBP51.3 million a year before. Yu said this reflected lower commodity market prices.
More positively, Yu delivered a 35% increase in supplied meter points and an 125% increase in meter installations in the first half of the year.
Yu noted it implemented a five-year commodity hedging agreement with Shell Energy, part of Shell PLC, during the recent half, positioning the group for "significant scale", said Chief Executive Officer Bobby Kalar.
Looking forward, Yu expects to deliver earnings before interest, tax, depreciation and amortisation and an Ebit margin in line with market expectations for 2024.
Kalar said: "I remain excited by the future and am fully committed to delivering shareholder value."
Yu will release results for the half-year on September 24.
Shares in Yu were down 12% to 1,657.70 pence each in London on Tuesday.
By Lydia Doye, Alliance News reporter
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