Yu Energy said sales and profits rose by more than 70 per cent last year with further opportunities ahead in the £50 billion-plus commercial utility market.
The business, which supplies gas, electricity and water to UK companies and provides smart meter installation, said it had also seen a “very strong start” to the current year despite severe market challenges such as the consequences of the pandemic and war in Ukraine.
The company said revenues jumped because of the new smart meter operation and rising energy costs. Energy prices, it said, had now “normalised thanks to unusually warm temperatures across Europe, a slight increase in available gas storage levels and relatively lower seasonal demand”, but sales were still expected to rise, partly through new services.
Yu, which is based in Nottingham, said revenues for 2022 were up 79 per cent at £278.6 million while pre-tax profits were up 72 per cent at £5.8 million.
Chief executive Bobby Kalar said he expected similar results for the current financial year.
He said: “Our record breaking financial performance and significant strategic progress is a testament to the strength of the group.
“Revenue increased 79 per cent, EBITDA increased 359 per cent, contracted revenue is up 57 per cent and cash increased by £11.9 million. Reflecting our continued confidence in the business we are also pleased to recommend the reinstatement of a progressive dividend policy.
“To achieve this despite the backdrop of a turbulent energy market is credit to the strong foundations we have in place and the ability and character of the team.
“It's been a busy year, Developing and integrating our smart metering business, Yü Smart from a standing start to a fully functioning business performing at pace has been a particular highlight.
“I'm proud to lead a team who have seized this opportunity to build and grow new capabilities. I clearly see the ability for the group to accelerate its profitability by leveraging off our growing revenues and providing new services.
“Cash flow and cash management will remain a key focus, including through our smart meter rollout. The EBRS (Energy Bill Relief) scheme has worked well and rightly delivered support to our business customers. We will continue working with BEIS to champion assistance to UK businesses.
“Whilst our industry has been plagued by negative impacts and a lack of investment and support, I am immensely proud to report our progress and development.
“The market opportunity is huge, we have a scalable platform, and we are primed and ready to grow.
“We have got off to a fantastic start in 2023 with our exceptional performance continuing. Whilst we remain vigilant, we look forward to delivering continued shareholder value in 2023 and beyond."
