Business energy and water supplier Yü Group reports that customer growth outpaced expectations during 2017 and anticipates more of the same for 2018 and 2019.
The company posted pre-tax profit of £2.2m for the full year 2017 versus a loss of £1.5m in 2016. It reported adjusted operating profit of £3.1m.
Yü said gross margins had dipped to 17.4% as it chased larger half-hourly metered corporate customers.
By meter point, customer accounts increased 70 per cent (to 7,361 meters).
Sales increased 188% to £47m and the firm said it has £50m contracted revenue booked for 2018.
“In consequence, operating profits for both FY 2018 and FY 2019 are expected to be ahead of current market expectations,” said CEO and majority shareholder Bobby Kalar.
While it will step up marketing water retail services in spring, the company said it had “no intention” of either entering the domestic energy supply market, or looking at opportunities outside of the core business utilities market.
Energy supplier Yü enters water market
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