Business
Results for the six months to 30 June 2020
Results for the six months to 30 June 2020.
About this update from Yu Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5057A\n Yu Group PLC\n 30 September 2020\n \n \n \n \n Yü Group PLC\n(the \"Group\")\n \n \n Results for the six months to 30 June 2020\n \n \n STRONG UNDERLYING PERFORMANCE AND FOUNDATION LAID FOR SUSTAINABLE LONG-TERM GROWTH\n \n \n Yü Group PLC (AIM; YU.), the independent supplier of gas, electricity and water to the UK corporate sector, announces its unaudited half year results for the six months to 30 June 2020.\n \n \n \n Bobby Kalar, Group Chief Executive Officer, said\n \n :\n \n \n \n \"T\n he first half of the trading year has been highly unusual and somewhat extraordinary. The modelled impact of COVID-19 on our customers indicated significant headwinds from sustained reductions in expected volumes, a material increase in the inability to pay bills and a slow-down in new business being booked. While no one could have predicted with any certainty how deep or how long the effects of COVID-19 would be, I am very pleased with how well the business has performed in such a challenging macro environment. Customer energy usage volume has continued to trend upwards and August consumption was up to around 90% of pre-COVID levels, cash collection has broadly been equal or better than billed monthly revenue month on month and new business continues to grow at greater rate than H1 2019. I'm particularly pleased that our customer journey from 'prospect' through to 'cash' is performing well. The 'hard yards' of the last two years are really bearing fruit. \n Whilst there is little room for complacency, we must draw comfort from the fact that the rebuilding of Yü Group over the last two years has been a significant contributing factor in enabling the business to withstand and outperform expectations in the period. Our reset is behind us and the business is now moving to its key scaling phase as legacy low margin contracts have virtually 'washed through' the book and been replaced by good quality, better margin contracts. Most notably the first two months of Q3 bookings have been the strongest to date.\n Strategically rebalancing our book over the last 18 months has meant an expected reduction in meter points, but with a strong forward order book we now expect run rate meter point growth to accelerate to circa 17,000 by FY 2020 and for that positive momentum to continue in to FY 2021 and beyond. &nb...