Yu Group PLC Timing of results and COVID-19 update (4717H)
25 Marzo 2020 - 1:00AM
UK Regulatory
TIDMYU.
RNS Number : 4717H
Yu Group PLC
25 March 2020
Yü Group PLC
("Yü Group" or the "Group")
Timing of results and COVID-19 update
Yü Group PLC, the independent supplier of gas, electricity and
water to the UK business sector, provides the following update to
the market.
Timing of results
As previously announced, Yü Group intended to publish its
audited results for the year ended 31 December 2019 on Tuesday 31
March 2020. Yü Group confirms that the audit of its financial
results for the year ended 31 December 2019 is at an advanced stage
and that the Group was intending to publish its audited results as
it had planned.
However, being mindful of the recent requests from the Financial
Conduct Authority ("FCA") and the Financial Reporting Council for
companies to delay the reporting of their financial results and
following a request from its auditors, the Board has agreed to
defer the announcement of its final results. Therefore, it will no
longer publish them on 31 March 2020. The audited results will be
published once the situation becomes clearer and the FCA's
moratorium has been lifted.
In line with existing guidance provided in the trading update
announced on 28 January 2020, the Board expects to report revenues
of approx. GBP110m (2018: GBP80.6m), an increase of c.35% and ahead
of market expectations, and adjusted EBITDA at least in line with
market expectations. Further, the Group confirms its balance sheet
at 29 February 2020 included GBP13m of cash and cash collateral
deposits with trading counterparties, the latter of which is
expected to become available in Q2 2020 due to the benefit of the
Group's new trading arrangement.
COVID-19 update and outlook
The welfare and safety of our people is our priority in these
unprecedented times, and we have been taking appropriate action to
mitigate the impact of COVID-19. We have closely followed official
health advice, taken steps to mitigate the impact on our employees,
and have successfully implemented our business continuity plan. All
employees have transitioned to remote working with no material
impact on business operations.
The Company will provide further updates to the market as and
when there is greater clarity on the impact of COVID-19 on the
trading environment and the UK Government's public health policy
measures.
For further information, please contact:
Yü Group PLC
Bobby Kalar
Paul Rawson +44 (0) 115 975 8258
Shore Capital
Advisory
Edward Mansfield
Anita Ghanekar
James Thomas
Broking
Fiona Conroy +44 (0) 20 7408 4090
Alma PR
John Coles
Hilary Buchanan
Helena Bogle +44 (0) 20 3405 0205
Notes to Editors
Information on the Group
Yü Group PLC, trading as Yü Energy, is an independent supplier
of gas, electricity and water focused on servicing the business
sector throughout the UK. It has no involvement in the retail
supply of energy to the domestic sector. The Group was listed on
the AIM market of the London Stock Exchange in March 2016.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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