Source - LSE Regulatory
RNS Number : 9556Z
Yu Group PLC
27 May 2021
 

27 May 2021

Yü Group PLC

(the "Group")

AGM & Trading Update

Yü Group PLC (AIM; YU.), the independent supplier of gas, electricity and water to the UK SME and Corporate sector, provides the following trading update for the first quarter of 2021 ahead of its Annual General Meeting ("AGM"), which will be held at 11:00am today.

In light of the UK Government's restrictions on travel and gatherings, the AGM will be a virtual event. Shareholders are advised to contact AGM@yugroupplc.com for further information, including question submissions for the Board. The Board will endeavour, where appropriate, to answer such questions by publishing responses on yugroupplc.com as soon as practical. An audio presentation given by the Chairman and CEO will also be available on the Company's website shortly after the meeting.

Trading Update

The Group is pleased to report a good start to 2021, with continued momentum from FY2020 and overall company performance in line with expectations.  

Average Monthly Bookings for the four months to 30 April 2021 are £7.2m, representing an increase of 26% compared to the same period in 2020.

The Group is further encouraged by the UK Government's roadmap out of lockdown and signs of improvement in the economy, helping alleviate some of the broader market uncertainty. The Group will continue, however, to remain vigilant and prepared for all future scenarios.

Yü Group will provide a further update to its trading, in the ordinary course, in its July trading update covering the period to 30 June 2021. 

 

Bobby Kalar, Chief Executive Officer, Commented:

"I am pleased to report a strong start to the year, with Group performance delivering in line with expectations. Positive momentum continues as we see improved booked revenue in the first four months of 2021 compared to the same period last year.

 

Our strategy is working well and as such the Board is confident that the business is on track to deliver its operational targets and to report profitable growth in FY2021.

 

The Group has a strong balance sheet and our strategic value enhancing acquisitions plan forms part of our ambitious scaling strategy. The Group acquired two cash generative customer books in 2020 and successfully integrated circa 5,000 meter points quickly and seamlessly. As the market consolidates further, and with a compelling pipeline of opportunities, I am confident the Group is well placed to continue acquiring value creating opportunities where they meet our strategic criteria.

 

I am pleased to be able to look forward to the future with confidence. From the 'hard yards' of recent times I see good times ahead."

 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

 

For further information please contact:

 

Yü Group PLC

+44 (0) 115 975 8258

Bobby Kalar


Paul Rawson




SP Angel Corporate Finance LLP

+44 (0) 20 3470 0470

Jeff Keating


Bruce Fraser

Caroline Rowe




Tulchan Group

+44 (0) 20 7353 4200

David Allchurch


Giles Kernick

Oliver Norgate


 

Information on the Group

Yü Group PLC, trading as Yü Energy, is an independent supplier of gas, electricity and water focused on servicing the corporate sector throughout the UK. It has no involvement in the domestic retail market. The Group was listed on the AIM market of the London Stock Exchange in March 2016.

 

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