RNS Number : 6986H

Yu Group PLC

28 November 2022

28 November 2022

Yü Group PLC

("Yü Group" or the "Group")

Trading Update

"Excellent trading performance, with full year financial metrics now anticipated to be significantly ahead of market expectations"

Yü Group PLC, the independent challenger supplier of gas, electricity and water to the UK SME and corporate business sector, is pleased to provide an update on trading.

The Group is pleased to announce an exceptional trading performance, which is expected to continue beyond FY 22. Revenue, adjusted EBITDA and operational cashflow are anticipated to significantly exceed current market expectations for the year to 31 December 2022.

Record average monthly bookings from new and renewed customer contracts over the last three months has resulted in the Board expecting revenue of approximately GBP260m for FY 22, being a c67% annual growth rate.

EBITDA profitability is expected to continue its strong trajectory, with H2 22 expected to exceed the 2.1% achieved in H1 22, driven by strong demand and the efficiencies of our digital by default transformation. This investment has provided the platform to rapidly scale the business and derive the benefits of operational leverage to enhance margins on an ongoing basis.

Operational cash flow remains strong, supported by increased EBITDA and robust customer collection performance, with Overdue Customer Receivables remaining stable and proportionate to the growth of the business. As a result, net cash at 31 December 2022 is expected to significantly exceed market expectations.

The Group is in regular dialogue with BEIS, forming part of the BEIS supplier forum committee and is pleased to have received its first monthly Energy Bills Relief Scheme (EBRS) payment, in line with the Government's plan.

Further information will be provided as part of the Group's scheduled announcement of FY 22 trading update and outlook for FY 23 in January 2023.

For further information, please contact:

Yü Group PLC 
 Bobby Kalar 
 Paul Rawson         +44 (0) 115 975 8258 
  Edward Mansfield 
  William Hall 
  Cara Murphy        +44 (0) 20 3100 2000 
Tulchan Group 
 Giles Kernick 
 Alec Tidbury        +44 (0) 20 7353 4200 

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(END) Dow Jones Newswires

November 28, 2022 02:00 ET (07:00 GMT)

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