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Yu Group PLC on Tuesday said revenue increased during the first half of the year as it promoted Finance Director Andy Simpson to chief financial officer designate. The Nottingham, England-based independent supplier of gas and electricity, meter asset owner and installer of smart meters to the UK corporate sector said revenue in the six months to the end of June increased 9.0% to £341 million from £313 million. Average monthly bookings fell 12% to £41.4 million from £46.9 million as the wholesale commodity market normalises, as expected. Yu Group said it delivered a 48% increase in meter points compared to the prior year, to close at 107,000 from 72,300 a year ago and 88,000 at the end of 2024. ‘The group continues to grow volumetric consumption and leverages off the successful implementation of the five-year commodity hedging agreement with Shell Energy enabling continued scaling,’ Yu Group added. Looking ahead, Yu Group said it was on target to deliver earnings before interest, tax, depreciation and amortisation and earnings per share for the full year in line with current market expectations ‘against a backdrop of normalising energy wholesale prices that have created a more competitive pricing environment’. The company said it continues to see scale and profitability in 202 and beyond. ‘I’m pleased with our continued delivery for the first six months providing confidence management are in-line with expectations for the year. Our forward contract book remains strong and continues to grow despite the recent drop in wholesale energy prices,’ said Chief Executive Officer Bobby Kalar. ‘While I’m personally disappointed investor appetite remains restrictive, prolonged cash outflows from the UK continue to severely hinder our valuation.’ Yu Group said in a separate statement that it has appointed Andy Simpson as chief financial officer designate. Paul Rawson will step down from the role on September 1 and transition to the role of non-executive director. Simpson joined the firm as finance director in February. He has previously held senior executive management positions at BT Openreach, Origin Broadband Ltd and ITS Technology Group Ltd. ‘Andy provides significant commercial, operational and cost efficiency experience as the group continues to scale. Andy has ’hit the ground running’ since he joined us in February 2025 and is already a key part of our executive committee. The step up to the board, effective 1 September 2025, provides a new value-add to meet our ambitious targets, whilst delivering continuity for the financial 2025 period,’ said CEO Kalar. Shares in Yu Group were up 2.2% at 1,530.00 pence in London on Tuesday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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