A utility supplier to businesses has seen revenues double and profits rise almost 400 per cent.
Nottingham-based Yu Energy – which supplies gas, electricity and water to the UK corporate sector, and provides smart meter installation services – said revenues were £129 million in the first half of the year compared to less than £66 million in the first six months of 2021.
Meanwhile profits after tax rose from less than £1 million to £4.4 million for the same period. The business has a medium-term plan to hit annual sales of £500 million.
Chief executive Bobby Kalar was confident that the business could maintain profitable growth in the face of the global issues facing energy markets.
Welcoming Government help for business energy bills he said Yu would also continue to help its customers through the tough times ahead.
He said: “I'm very pleased to report another set of excellent results reflecting a strong and reliable performance.
“Remembering this is our fourth consecutive and consistent set of results I'm proud to confirm our key financial KPI's are performing well and have exceeded our forecasts following two recent upgrades.
“Revenue is up by 96 per cent, cash in hand has increased 37 per cent, average monthly booking have increased by 49 per cent and EBITDA has jumped over 400 per cent compared to H1 2021.
“Our strategy is working well and our strengthened and highly disciplined business driven by our joined up processes, people and platforms continues to deliver a seamless customer experience.
“Our digital transformation program is on course and several digital projects are now live and embedded into the business. We will see additional benefits of reduced operating costs, better efficiencies and greater predictability as we scale these digital channels.
“While I'm pleased with the recent government Energy Bills Relief Scheme announcement, pledging support for business customers with their increased energy costs, I fear businesses will feel the ongoing pressure of volatile wholesale commodity prices for some time. We will continue to work hard to help our customers manage these difficult market conditions.
“We performed well in the pandemic; even better in 2021, despite challenges in the market; and we expect even better performance in the remainder of 2022 and beyond.
“I'm reassured our business continues to prosper and will use its strength and experience as an anchor for any further turbulence. As we continue to enjoy the fruits of our hard work, I look forward to delivering significant shareholder value in the near future.
“Finally, I would like to thank my wonderful team who continue to support the board's target to achieve £500 million revenue at over 4 per cent EBITDA as soon as possible.”
