Business
Trading Update and notice of results
Trading Update and notice of results.
About this update from Yu Group Plc
[{"type":"text","content":"\n\n23 July 2024\n \nYü Group PLC\n(\"Yü Group\", the \"Company\" or the \"Group\")\n \nTrading Update and notice of results\n \nYü Group (AIM: YU.), the independent supplier of gas and electricity, meter asset owner, and installer of smart meters to the UK corporate sector, is pleased to provide an update on trading for the six months ended 30 June 2024.\nFinancial and Operational highlights\n· Strong organic growth continues underpinning outturn for the current year, with H1 24 revenue of approximately £310m, up c.60% (H1 23: £195m), despite mild Spring temperatures reducing consumption.\n \n· Monthly average bookings at £46.9m (H1 23: £51.3m and FY23: £55.5m) reflecting reduced commodity market prices. This was offset by the Group's strong market positioning and leading customer offer enabling the Group to deliver a 35% increase in supplied meter points in H1 24, and 82% from June 2023, to close at 72,300 (H1 23: 39,700; FY23: 53,400) driving volumetric consumption.\n \n· Yü Smart continues to scale, with meter installations in the period up 125% on the same period in 2023 (H1 24: 9,000; H1 23: 4,000), leading to 13,100 cumulative meters financed, providing a £0.6m forward annualised, indexed annuity income. Engineering field force headcount increased to 101 (FY23: 50).\n \n· £86.8m of net cash at 30 June (H1 23: £53.8m) from strong operational cash inflow and after £10.2m of dividend and share buy-back payments, £1.8m of cap-ex in metering assets, and corporation tax payments on account. Operational cash flow benefits from consistent customer collections and the return of cash collateral related to commodity hedging activities.\n \n· Share premium account cancellation formally in effect July 2024, providing £12.3m additional distributable reserves.\n \n· Successful implementation of a new five-year commodity hedging agreement with Shell Energy, providing capital and cost-efficient access to electricity and gas commodity markets and positioning the Group for significant scale.\n \n· Strong business foundations maintained. Improved customer service rating to 'Excellent' on Tru...