Shares in Yü Group PLC (AIM:YU.) rose more than 10% in Tuesday’s early deals after the corporate energy supplier reported a "record-breaking" performance for 2022, against a backdrop of soaring prices.
The company in a trading update following the close of the year said that its fiscal 2022 had surpassed market expectations.
It highlighted that metrics for organic revenues, profitability and forward contracted revenues all exceeded management expectations.
"I'm thrilled to report a fantastic, record-breaking performance for FY22,” the company said in a statement.
“While the board modelled a strong outcome for FY22 we may have underestimated the accelerated contribution our strengthened business would have on the group's FY financial metrics."
Yü told investors that it is “now in the fast lane of growth” which it expects will exceed current guidance, that has been upgraded multiple times throughout the past year.
According to Yü, its positive performance has been driven by its "digital by default" strategy which it said has outperformed estimates in terms of margin and efficiency contributions.
Yü additionally said it now intends to make a modest shareholder distribution, as a result of the strong 2022 performance, whilst ensuring that outgoings for dividends do not constrain or hinder the company's growth ambitions or abilities to take advantage of corporate and other growth opportunities.
The company said it ended the year with £18.8mln of net cash and said it expects upcoming financial results will see 2022’s full year revenue tally £275mln, which would represent some 76% upside on the 12 months prior.
Earnings (EBITDA) are now anticipated significantly ahead of current market expectations, it confirmed.
In London, Yü shares started Tuesday some 70 points or 11.1% higher, changing hands at 708.9p each.