23 July 2024
Yü Group PLC
("Yü Group", the "Company" or the "Group")
Trading Update and notice of results
Yü Group (AIM: YU.), the independent supplier of gas and electricity, meter asset owner, and installer of smart meters to the
Financial and Operational highlights
· Strong organic growth continues underpinning outturn for the current year, with H1 24 revenue of approximately
· Monthly average bookings at
· Yü Smart continues to scale, with meter installations in the period up 125% on the same period in 2023 (H1 24: 9,000; H1 23: 4,000), leading to 13,100 cumulative meters financed, providing a
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· Share premium account cancellation formally in effect July 2024, providing
· Successful implementation of a new five-year commodity hedging agreement with Shell Energy, providing capital and cost-efficient access to electricity and gas commodity markets and positioning the Group for significant scale.
· Strong business foundations maintained. Improved customer service rating to 'Excellent' on Trustpilot, with a Trustpilot score of 4.3 and recognition for the second consecutive year in 'The Times' 100 Best Places to Work' list.
Outlook
· On track to deliver EBITDA and EBIT margins and therefore profitability for FY24 in-line with current market expectations, against a backdrop of lower commodity pricing and the impact of the mild temperatures in H1 24.
· Strong growth in meter points supplied by Yü Energy, and meters installed by Yü Smart, is set to continue, leveraging our Digital by Default capability and building revenue and margin opportunity for FY25 and beyond.
· Significant net cash balance expected at end of 2024, after
· Share premium cancellation, increased profitability and continued strong cash generation underpinning progressive dividend policy to provide increased distributions to shareholders.
Bobby Kalar, Chief Executive Officer, said:
"I'm proud to report a continued set of strong results; with revenue, meter points supplied energy, and meters installed increasing by c.60%, 82% and 125% respectively on the same period in 2023.
We continue to focus on delivery of our strategy, increasing market share through our unique Digital by Default offering and supported by our new agreement with Shell, and to deliver sustainable margins as we scale.
Cash generation is very strong and provides a good basis to support our progressive dividend policy and to invest in strategic initiatives.
I remain excited by the future and am fully committed to delivering shareholder value. I would like to thank my fantastic team for continuing to deliver our growth trajectory and enabling the Group to benefit from its position as a key challenger brand in a
Notice of results
The Group will issue interim results on Tuesday 24th September 2024.
For further information, please contact:
Yü Group PLC Bobby Kalar Paul Rawson
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+44 (0) 115 975 8258
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Panmure Liberum Edward Satbir Kler Anake Singh
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+44 (0) 20 3100 2000 |
Teneo Giles Kernick Tom Davies |
+44 (0) 20 7353 4200
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Notes to Editors
Information on the Group
Yü Group PLC is a leading supplier of gas and electricity focused on servicing the corporate sector throughout the
Yü Group has a clear strategy to deliver sustainable profitable growth (in a £50bn+ addressable market) and value for all of our stakeholders, built on strong foundations and with a robust hedging policy. The Group has achieved a compound annual growth rate of over 60% over the last four years and has consistently improved margin and profitability performance. In 2023 the Group launched Yü Smart and Yü Charge to support growth through new opportunities in smart metering installation.
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