Nottingham-based Yü Group, the independent supplier of gas, electricity, meter asset owner and installer of smart meters to the UK corporate sector, has “delivered a strong 2024.”
According to a trading update for the financial year ended 31 December 2024, revenues grew 40% and are expected to be approaching £650m.
Meanwhile, delivery of 2024 EBITDA margin is forecasted above expectations, driven by strong contract profitability in the second half of the year, robust hedging policy and tightly managed bad debt.
The year saw continued growth in Yü Energy, during which meter points supplied increased 65% to 88k, and volume of energy supplied (EQVS) increased organically by 78%.
Average monthly new bookings, however, of £42.6m was down from £55.5m in 2023, reflecting a softer commodity pricing environment.
Revenue contracted for the next financial year increased 9% to £566m.
Progress was also mode at Yü Smart, with continued scaling up of meter installs growing 169% in the year to 22.9k.
Bobby Kalar, CEO of Yü Group, said: “The Group has delivered a strong 2024 and I’m delighted, once again, to update shareholders on our progress.
“Yü Energy, our supply business, has seen a c.40% increase in revenue despite lower commodity pricing, and we enter 2025 with 88,000 meter points, up 65%.
“Yü Smart continues to deliver incredible advantages to our customers and the Group, and we now have national coverage of skilled engineers. We have financed 27,200 smart meter assets which provide a growing index-linked annuity income stream alongside other significant benefits to our customers and our own operation.
“I look back with pride on our journey and the hard yards invested, which have seen a quadrupling of revenue in the last four years. While our increased scale suggests a lower organic growth rate in the future, our Group is well placed to continue to take market share with a significant opportunity remaining.
“Our business is in good shape across Yü Energy and Yü Smart to continue to deliver. We have a fantastic and dedicated team in place, and I’d like to thank them for all the work done in delivering yet-another record year.”
