Shares in gas and electricity supplier Yü Group PLC surged over 27% higher on Wednesday morning after it announced “very strong growth” in revenue, profitability and cash generation and predicted results for 2023 would come in significantly above current market forecasts.
The company said the growth in average monthly bookings seen in the final quarter of 2022 has continued into the current year.
Meanwhile, its Digital by Default strategy and smart metering roll-out have contributed to a reduction in bad debt and are also helping drive strong cash collection from Yü's customers.
“Following a detailed review by management, revenue, margins and cashflow for the year to 31 December 2023 are now expected to be substantially ahead of current market expectations,” the company said.
Chief executive Bobby Kalar added: "I'm delighted to report a further increase in our expectation of revenue, profit and cash, and I'm looking forward to present a ninth consecutive half year improvement in our interim results.”
At 10.05 am, shares were trading 125p higher at 585p.