Yu Group PLC Trading Update and Notice of Results (3881V)
30 January 2017 - 6:00PM
UK Regulatory
TIDMYU.
RNS Number : 3881V
Yu Group PLC
30 January 2017
30 January 2017
Yü Group PLC
("Yü Group" or the "Group")
Trading Update and Notice of Results
Yü Group PLC (AIM: YU.), the independent supplier of gas and
electricity to the UK corporate sector, is pleased to provide a
trading update in respect of the year ended 31 December 2016.
It is anticipated that Group revenues for the year will be
slightly ahead of current market forecasts and management's
expectations at the time of the interim results announcement on 20
September 2016. Gross margins in the year have remained firm. In
line with the growth of the business, there has been a commensurate
increase in fixed costs and headcount. The Board remains confident
that the Group will report results in line with market expectations
for FY16.
The net cash raised at the time of the IPO has been placed on
separate deposit with the Group's bankers and is being utilised, as
intended, to support Letters of Credit to ensure that the Group
continues to adhere to its stated hedging policy. To facilitate the
growth in the average size of the Group's customers, the Company
has moved to invoicing customers in arrears of energy usage in line
with general industry practice (rather than in advance as had been
the historic practice of the business). As a consequence, during
the year, there has been a growth in trade debtors and working
capital requirement within the business. The Group's balance sheet
remains strong and the business continues to be cash positive going
forward.
As at 31 December 2016, the Group had in excess of GBP20 million
of revenues already contracted for the financial year ending 31
December 2017. This compares with contracted revenue of GBP8.4
million at the start of last year.
Bobby Kalar, Chief Executive of Yü Group, said: "We are
delighted with the Group's progress during the year and have
delivered on our short-term objectives as envisaged at the time of
IPO in March 2016. The business is developing well and I look
forward to the future with confidence."
Preliminary results
The Group intends to publish its preliminary results for the
year ended 31 December 2016 on Tuesday 28 March 2017.
For further information, please contact:
Yü Group PLC
Bobby Kalar
Nick Parker +44 (0) 115 975 8258
Shore Capital
Bidhi Bhoma
Edward Mansfield
Anita Ghanekar +44 (0) 20 7408 4090
Alma PR
Josh Royston
Hilary Buchanan
John Coles +44 (0) 20 8004 4218
Notes to Editors
Information on the Group
Yü Energy is an independent supplier of gas and electricity
focused on servicing larger corporate and SME businesses throughout
the UK. It has no involvement in the domestic retail market. The
Group was listed on the AIM market of the London Stock Exchange
following a successful IPO in March 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTPGUAAGUPMGRM
(END) Dow Jones Newswires
January 30, 2017 02:00 ET (07:00 GMT)
Yu (LSE:YU.)
Historical Stock Chart
From Apr 2024 to May 2024
Yu (LSE:YU.)
Historical Stock Chart
From May 2023 to May 2024