Yü Group, the independent supplier of gas and electricity, meter asset owner, and installer of smart meters to the UK corporate sector, has recorded a “set of strong results” in a trading update for the six months ended 30 June 2024.
The business saw first half revenue reach £310m, up 60% on the same period last year (£195m), despite mild Spring temperatures reducing consumption.
Monthly average bookings, meanwhile, were down at £46.9m (H1 23: £51.3m and FY23: £55.5m), reflecting reduced commodity market prices. This was offset by the Group delivering a 35% increase in supplied meter points in H1 24, and 82% from June 2023, to close at 72,300 (H1 23: 39,700; FY23: 53,400).
Yü Group noted it is on track to deliver EBITDA and EBIT margins and therefore profitability for FY24 in-line with current market expectations.
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 £50 billion market.”
