Yü Group smashes expectations as renewed customer contracts soar
Business energy supplier Yü Group smashes revenue expectations as it posts record monthly bookings.
In a trading update, Yü said revenue, adjusted EBITDA and operational cashflow was anticipated to significantly exceed current market expectations for the year to 31 December.
Record average monthly bookings from new and renewed customer contracts over the last three months has resulted in the board expecting revenue of approximately £260m for the full year, being a 67 per cent annual growth rate.
Yü, the independent challenger supplier of gas, electricity and water to the UK SME and corporate business sector, said EBITDA profitability is expected to be up around two per cent from last year.
Yu Group recently urged the government to clarify future support for businesses beyond this winter to guarantee pubs, restaurants and bars can make plans for their future.
It recognised the UK’s recovering hospitality sector was facing “difficult market conditions” and encouraged businesses to use smart metering services to provide certainty over their energy usage, especially with uncertainty over future government aid.
The energy firm called on Downing Street to guarantee that “they are not leaving businesses without the much-needed support that will keep our hospitality sector running” when the scheme tapers off in April.