Yü Group, an independent supplier of gas and electricity in the UK corporate sector, has reported strong results in a trading update for the six months ending on June 30, 2024.
The company achieved a first-half revenue of £310m, representing a 60% increase from the previous year despite lower consumption due to mild Spring temperatures. Monthly average bookings decreased to £46.9m compared to £51.3m in the first half of 2023 and £55.5m for the full year of 2023, reflecting reduced commodity market prices. However, Yü Group saw a 35% increase in supplied meter points in the first half of 2024, reaching 72,300, which is an 82% increase from June 2023.
Yü Group remains on track to achieve EBITDA and EBIT margins in line with current market expectations for the full year of 2024, as mentioned by Chief Executive Officer Bobby Kalar.
Kalar expressed his pride in the company’s performance, highlighting significant growth in revenue, meter points supplied, and meters installed compared to the same period in 2023. He emphasized the focus on executing the company’s strategy, increasing market share through Digital by Default offerings, and delivering sustainable margins.
He also mentioned strong cash generation supporting a progressive dividend policy and strategic initiatives, expressing excitement for the future and commitment to delivering shareholder value. Kalar credited the team for driving the company’s growth trajectory and positioning Yü Group as a key challenger brand in the £50 billion market.
