Yu Group PLC is declaring a 3p per share interim dividend (H1 2022: nil), equating to a payment of £0.5m. The shares will go ex-dividend on 23 November 2023 and the record date is 24 November 2023, with a payment date of 20 December 2023.
Other financial highlights include:
Revenue growth of 51% to £194.9m (H1 2022: £129.2m), through continued execution of growth strategy.
Adjusted EBITDA increased to £13.7m (H1 2022: £2.7m) as the Group benefits from increased net customer contribution through differentiated market offering.
Profit before tax increased to £8.9m (H1 2022: £5.5m), reflecting a £4.2m unrealised non-cash charge (H1 2022: £3.3m gain) for financial derivatives due to the Group's hedging policy and declining commodity prices.
Digital platform and market position have enabled average monthly bookings to increase to £51.3m (H1 2022: £14.3m) while the number of meter points has increased by 52%.
Expansion of Yü Smart, the Group's smart metering business, providing improved customer insights and enabling more favourable customer and Group outcomes. Rollout of smart meters commenced with c4,000 installed at the end of H1 2023, of which 1,300 owned and to provide an annuity income for the Group.
Group remains well capitalised with strong cash position of £36.6m (H1 2022: £15.7m). Operating cash inflow of £18.7m is up 82% (H1 2022: £10.3m).
