Yu Group PLC AGM & Trading Update (9556Z)
27 May 2021 - 4:00PM
UK Regulatory
TIDMYU.
RNS Number : 9556Z
Yu Group PLC
27 May 2021
27 May 2021
Yü Group PLC
(the "Group")
AGM & Trading Update
Yü Group PLC (AIM; YU.), the independent supplier of gas,
electricity and water to the UK SME and Corporate sector, provides
the following trading update for the first quarter of 2021 ahead of
its Annual General Meeting ("AGM"), which will be held at 11:00am
today.
In light of the UK Government's restrictions on travel and
gatherings, the AGM will be a virtual event. Shareholders are
advised to contact AGM@yugroupplc.com for further information,
including question submissions for the Board. The Board will
endeavour, where appropriate, to answer such questions by
publishing responses on yugroupplc.com as soon as practical. An
audio presentation given by the Chairman and CEO will also be
available on the Company's website shortly after the meeting.
Trading Update
The Group is pleased to report a good start to 2021, with
continued momentum from FY2020 and overall company performance in
line with expectations.
Average Monthly Bookings for the four months to 30 April 2021
are GBP7.2m, representing an increase of 26% compared to the same
period in 2020.
The Group is further encouraged by the UK Government's roadmap
out of lockdown and signs of improvement in the economy, helping
alleviate some of the broader market uncertainty. The Group will
continue, however, to remain vigilant and prepared for all future
scenarios.
Yü Group will provide a further update to its trading, in the
ordinary course, in its July trading update covering the period to
30 June 2021.
Bobby Kalar, Chief Executive Officer, Commented:
"I am pleased to report a strong start to the year, with Group
performance delivering in line with expectations. Positive momentum
continues as we see improved booked revenue in the first four
months of 2021 compared to the same period last year.
Our strategy is working well and as such the Board is confident
that the business is on track to deliver its operational targets
and to report profitable growth in FY2021.
The Group has a strong balance sheet and our strategic value
enhancing acquisitions plan forms part of our ambitious scaling
strategy. The Group acquired two cash generative customer books in
2020 and successfully integrated circa 5,000 meter points quickly
and seamlessly. As the market consolidates further, and with a
compelling pipeline of opportunities, I am confident the Group is
well placed to continue acquiring value creating opportunities
where they meet our strategic criteria.
I am pleased to be able to look forward to the future with
confidence. From the 'hard yards' of recent times I see good times
ahead."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
For further information please contact:
Yü Group PLC +44 (0) 115 975 8258
Bobby Kalar
Paul Rawson
SP Angel Corporate Finance
LLP +44 (0) 20 3470 0470
Jeff Keating
Bruce Fraser
Caroline Rowe
Tulchan Group +44 (0) 20 7353 4200
David Allchurch
Giles Kernick
Oliver Norgate
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.
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END
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