Business
Final Results for the year ended 31 December 2020
Final Results for the year ended 31 December 2020.
About this update from Yu Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8731T\n Yu Group PLC\n 30 March 2021\n \n \n \n \n Yü Group PLC\n(the \"Group\")\n Final results for the year ended 31 December 2020\n \n · Strong 2020 performance continuing into 2021\n \n · Strategy delivering with business on track for profitable growth\n \n · Strong cash position and strengthened management team underpin growth \n \n Yü Group PLC (AIM; YU.), the independent supplier of gas, electricity and water to the UK SME and Corporate sector, announces its final results for the year to 31 December 2020. \n \n \n \n Bobby Kalar, Chief Executive Officer, said:\n \n \"\n The business is primed and ready for profitable growth. \n \n \n \n \n \n I am pleased to confirm a strong performance for FY2020 and a good start to 2021, further strengthening our 2021 contracted revenue from the £93m already secured in 2020\n . \n Our strategy is working well and as such the Board is confident that the business is on track to deliver its operational KPIs and to report profitable growth in FY2021. This has been a fantastic effort by the whole team through a difficult period and is a huge boost for 2021 and beyond.\n \n \n \n \n \n Our strong top line performance and earnings in FY2020 have exceeded market expectations and are a clear indicator of the Group's positive trajectory and speed of travel. Monthly bookings have far exceeded the Board's expectations, particularly pleasing in light of the ongoing economic impact of the pandemic. I'm pleased to report that we've continued to see improved Q1 2021 booked revenue compared to the same period last year.\n \n \n \n \n \n Net customer contribution, which measures gross margin less bad debt, rose to 6.1% in 2020, up from 2.5% in 2019, demonstrating a clear improving trend and this gives the Board significant comfort that the business is performing ahead of plan.\n \n \n \n \n \n Given the collective shock suffered by British businesses in an extraordinary year, I am pleased with the Group's operational performance. Our intra month bill to cash position has remained strong and we continue to have significant cash in the bank, while maintaining a laser like focus on collection of customer receivable balances.\n \n \n \n \n \n The Group acquired two cash generative customer bo...