Business energy supplier Yü Group posted 57% year-on-year profit increase for the six months to 30 June. Revenue increased 73%.
Adjusted profit before tax stood at £1.8m, up from £1.15m. Revenue was £35.8m up from £20.8m.
The firm’s gross margin dipped slightly to 16.2%. Chief executive Bobby Kalar said that was due Yü selling more to larger corporate customers, “who, generally, are more price sensitive yet with a lower cost to serve and higher credit rating”.
The company said its newly acquired gas shipper licence was paying dividends by lowering its costs.
Meanwhile, it has started supplying its first water customer. Kalar said the group “plans to scale activities in water as well as being alert to other cross selling opportunities”.
The company said it had £60m of contracted revenue for 2019 as at beginning of this month, and anticipates a strong full year result.