Yu Group PLC Directorate Change and Trading Update (3509O)
May 17 2018 - 1:01AM
UK Regulatory
TIDMYU.
RNS Number : 3509O
Yu Group PLC
17 May 2018
Yü Group PLC
(the "Group")
Directorate Change and Trading Update
Yü Group PLC, the independent supplier of gas and electricity to
the UK corporate sector, announces that Nick Parker, who has been
the Group's Chief Financial Officer since September 2015, has
indicated to the Board his desire to step down from his role to
pursue other opportunities.
Nick played a major part in successfully delivering the IPO of
Yü Group in March 2016 which laid the foundations needed to support
the Group's continued rapid growth. Nick intends to leave the Group
on 31 July 2018 but will continue to be available thereafter to
ensure an orderly transition to his successor. An executive search
agency has been appointed to identify suitable candidates and a
further update will be provided in due course.
Nick has entered into an orderly market agreement in relation to
his holding of 500,000 ordinary shares (3.1% of the company's share
capital) expiring on 18 September 2018.
Trading update
The Group is pleased to report that trading in the first four
months of the year has been strong and in-line with management
expectations (the "Period"). During the Period average annualised
bookings per month rose to GBP6.6 million, which compares to an
average of GBP5.1 million during 2017.
Group contracted revenues at the end of April 2018 have risen to
GBP65.7 million, up from GBP50 million reported as at 31 December
2017. The Group has generated GBP1.6 million of free cash flow in
the Period, resulting in cash balance as at 30 April 2018 of
GBP18.6m.
The Group continues to manage its rapid growth through expansion
of its sales force and service capability. Headcount has grown from
101 at the end of 2017 to 128 in April 2018. The Group will issue
its scheduled trading update in July following conclusion of the
period ending 30 June 2018.
Bobby Kalar, CEO, said:
"On behalf of the Board, I would like to thank Nick for his
contribution to the Group and in particular the role he played in
our highly successful IPO, where his corporate experience proved
invaluable. He has been an intrinsic part of the Group's success to
date, having been involved in its growth from a small enterprise
with annualised revenues of GBP3 million to one that delivered
revenues of GBP47 million in 2017. I would very much like to thank
Nick for his ever-present advice and support over this period and
wish him well in the future."
"As demonstrated by trading in the first four months, the
business continues its rapid growth trajectory and we look forward
to updating the market in due course."
For further information please contact:
Yu Group PLC +44 (0) 115 975
Bobby Kalar 8258
Shore Capital
Dru Danford
Edward Mansfield +44 (0) 20 7408
Anita Ghanekar 4090
Alma PR
John Coles
Josh Royston +44 (0) 20 8004
Robyn Fisher 4218
Notes to Editors
Information on the Group
Yü Group is an independent supplier of gas and electricity
focused on servicing larger corporate and SME businesses throughout
the UK. It has no involvement in the domestic retail market. The
Group is listed on the AIM market of the London Stock Exchange
following a successful IPO in March 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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