Yu Group PLC Trading Update and Notice of Results (5301U)
30 Julio 2020 - 1:00AM
UK Regulatory
TIDMYU.
RNS Number : 5301U
Yu Group PLC
30 July 2020
30 July 2020
Yü Group PLC
("Yü Group" or the "Group")
Trading Update and Notice of Results
Yü Group PLC, the independent supplier of gas, electricity and
water to the UK corporate sector, today provides an update on
trading for the six months ended 30 June 2020.
Group revenues for the period are expected to be approximately
GBP45.0m (H1 2019: GBP56.6m), reflecting the impact of Covid-19 and
the associated reduction in customer energy consumption. The Group
is pleased to report that there has been a marked increase in
customer demand throughout May and June and volumes are on trend to
return to pre lockdown levels.
The Group's swift response in implementing robust measures to
reduce the risks associated with Covid-19 has ensured that the
business has been able to continue to operate whilst supporting all
customers. Despite the challenges faced, the Group has been able to
achieve increased bookings growth during H1 2020. Average monthly
sales bookings for H1 2020 were up significantly at GBP6.2m (H1
2019: GBP3.2m).
Management has focused on maintaining the strength of the
Group's balance sheet by preserving cash and actively managing
working capital. The Group has performed ahead of management
expectations with cash collection representing 99.5% of invoices
raised in the period.
The new hedging facility ("Facility") arranged with
SmartestEnergy continues to work well and has materially reduced
volatility in the Group's cashflow and cash balances caused by
advanced deposits. The Facility, which scales with the business,
has postiviely contributed to Group's cashflows in H1 2020 with the
Group generating robust operational cashflows in excess of GBP15m
(H1 2019: GBP3.2m).
At 30 June 2020, the Group had a cash balance of GBP17.9m
(GBP2.4m at 31 December 2019 and GBP17.4m at 30 June 2019)
sufficient to meet annual industry payments due in H2 2020. The
Group continues to have no debt financing.
The underlying performance at EBITDA level (before the impact of
Covid-19) was strong and ahead of expectations set by management at
the start of the year. However, due to the negative impact of
Covid-19, adjusted EBITDA loss in H1 2020 is anticipated to be in
the region of GBP2m.
Notice of interim results
The Group intends to publish its interim results for the six
months ended 30 June 2020 on Wednesday 30 September 2020.
Bobby Kalar, Chief Executive of Yü Group, commented:
"The health and wellbeing of our people has been paramount
during the recent pandemic and I'm pleased that our business
continuity plan has worked well. The Group's ability to adapt
quickly continues to underpin the accelerated sales growth and
efficiency plan.
Bookings were deliberately slowed in early 2019 whilst processes
and systems were redesigned. I'm pleased to confirm bookings have
grown in 2020 and Q3 has started with a better than expected month
of bookings as a result of our continued confidence around our
processes. In addition, customer consumption levels have recovered
significantly above that of management expectations with Q3 2020
trending towards pre Covid-19 levels.
Controls implemented across the organisation in H2 2019 are now
fully embedded into our culture and continue to show a positive
contribution towards cash collections, revenue protection and gross
margin optimisation.
Covid-19 has impacted the Group, however notwithstanding this,
management objectives for the current year will be to continue the
momentum on recovering customer volumes and accelerating our growth
trajectory in H2 2020. I remain confident in the outlook for the
Group's growth and its future profitability."
For further information, please contact:
Yü Group PLC
Bobby Kalar
Paul Rawson +44 (0) 115 975 8258
Shore Capital
Edward Mansfield
Anita Ghanekar
James Thomas +44 (0) 20 7408 4090
Alma PR
John Coles
Josh Royston
Helena Bogle
Robyn Fisher +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 corporate
sector throughout the UK. It has no involvement in the domestic
retail market. 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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