Yu Group PLC Trading Update and Change of Auditor (4658O)
30 January 2019 - 6:00PM
UK Regulatory
TIDMYU.
RNS Number : 4658O
Yu Group PLC
30 January 2019
Yü Group PLC
("Yü Group" or the "Group")
Trading Update and Change of Auditor
Yü Group PLC (AIM: YU.), the independent supplier of gas,
electricity and water to the UK corporate sector, provides the
following trading update in respect of the year ended 31 December
2018.
The Group confirms that the Adjusted Loss Before Tax(1) to be
recognised is still anticipated to be within the range of GBP7.35
million and GBP7.85 million.
This level of loss assumes that there will not be a restatement
to reduce the profitability of FY 2017 or prior years. Should the
Board conclude that such a restatement is required, then losses for
the FY 2018 period would decrease by a corresponding amount.
Group revenue for FY 2018 is expected to be approximately GBP80
million. The Group currently has in excess of GBP85 million of
revenue contracted for FY 2019.
The Group held cash of GBP14.6 million at 31 December 2018, of
which GBP3.5 million was held in short-term deposits. The Group
continues to have no debt.
Yü Group also confirm that, alongside the review by the Group's
Audit Committee of its governance processes it has also considered
changing its external auditors. As a result, the Group has
appointed RSM UK Audit LLP as new external auditors.
The Group will continue to undertake a detailed review of the 31
December 2018 balance sheet until finalisation of the FY 2018
annual accounts and audit, which is targeted to conclude in Q2
2019. The Board are particularly focussed on validating, to the
extent reasonable post the balance sheet date, its detailed
estimates on the level of bad debt provision, the recoverability of
accrued income, and reviewing whether a prior period adjustment
will be required.
The Board remains focussed on continuing the implementation of
further financial and operational controls; ensuring a managed
approach to commodity risks through its hedging policy; and
prioritising profitable and sustainable growth.
In addition, the Group has maintained its focus on customer
service, including via its three ring pick-up policy, and continues
to attract new customers and employees, whilst developing existing
teams across the business.
(1) Adjusted Loss Before Tax excludes charges for Share Based
Payments, gains or losses on derivative contracts, and, for
Financial Year 2018, exceptional restructuring costs, provisions
made on first adoption of IFRS9, and the professional costs related
to the accounting review. The loss assumes that there will be no
restatement of prior periods required as a consequence of the
accounting review.
Bobby Kalar, CEO of Yü Group, commented: "In what has been a
challenging period we remain focussed and continue to work hard to
rectify the issues highlighted last year. Some significant actions
have already been implemented across the organisation. Whilst we
are being more selective and prudent in relation to our growth, we
are securing new business at a reasonable margin. With a strong
balance sheet and a focussed and dedicated workforce, I remain
confident in the underlying business, the significant market
opportunity available to us, and the long term success of our
proposition and I am absolutely driven to put us back on
track."
For further information, please contact:
Yü Group PLC
Bobby Kalar
Paul Rawson +44 (0) 115 975 8258
Shore Capital
Edward Mansfield
Anita Ghanekar
James Thomas +44 (0) 20 7408 4090
Alma PR
Josh Royston
John Coles
Hilary Buchanan
Helena Bogle +44 (0) 7780 901 979
Notes to Editors
Information on the Group
Yü Group PLC, trading as Yü Energy, is an independent supplier
of gas, electricity and water focused on servicing the corporate
sector 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 in March 2016.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTPGUWWGUPBGRB
(END) Dow Jones Newswires
January 30, 2019 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