24th Sep 2024 15:50
(Alliance News) - Yu Group PLC on Tuesday said revenue and profit for the first half of 2024 has surged alongside a 70% increase in contracted revenue.
Yu is a Nottingham, England-based independent supplier of gas and electricity, meter asset owner and installer of smart meters to the UK corporate sector.
Revenue for the six months to June 30 was GBP312.7 million, up 60% on-year from GBP194.9 million. Pretax profit more than doubled on-year to GBP19.8 million from GBP8.9 million.
Contracted revenue in aggregate shot up by 70% to GBP945 million from GBP557 million, including GBP417 million for the next financial year. Average monthly bookings fell 8.6% on-year to GBP46.9 million from GBP51.3 million.
Yu Group declared an interim dividend of 19.00 pence per share, up from 3.00p at the same time last year.
Chief Executive Bobby Kalar said: "I'm delighted and rightly proud of the performance of the business against a challenging period of extreme volatility in the market. Yu Smart continues to go from strength to strength. Like all new startups, we've experienced growing pains and building teams who share our values and habits has required management attention. However, I'm satisfied good progress has been made and we have positioned ourselves for significant meter installation growth. Smart meter installations are up by 125% and engineering headcount is up 300%.
"Our February 2024 new trading deal with Shell Energy remains strong and their mature and collaborative approach is already leveraging opportunities not available to us before. I look forward to further strengthening our relationship.
"We remain focussed on delivering full-year forecasts and positioning the group for another record-breaking performance in 2025."
Shares in Yu Group were up 3.2% at 1,600.00 pence each in London on Tuesday afternoon.
By Emily Parsons, Alliance News reporter
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