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Yü Group powers on to strong first half

Published: 20:03 18 Jul 2016 AEST

gas hobs turned on
Yü only supplies energy to businesses and has no involvement in the domestic retail market

 Yü Group PLC (LON:YU.), the independent supplier of gas and electricity, says it has enjoyed a strong start to life on the AIM market and expects the figures from the first half of the year to back up this claim.

The group – which only joined the Alternative Investment Market in March – anticipates group revenues for the six months to the end of June will be in line with management expectations, while it says gross margins for the period have been “robust”.

Despite the significant growth the company has experienced since its IPO, Yü says overhead costs have been “tightly controlled” and is on track to meet market expectations for the full financial year.

“We are delighted with the Group's progress over the first half of the year and have delivered on our objectives as envisaged at the time of IPO in March,” said chief executive Bobby Kalar.

“The business is developing well which, combined with the proceeds from our recent placing, underpins the strong growth potential of the Group. I look forward to the future with confidence.”

Yü Group supplies energy to larger corporate and SME businesses in the UK, but has no involvement in the domestic retail market.

The group intends to publish its interim results for the six months ended 30 June in September.

Shares were up 12p, or 5.4%, to 234.5p. 

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