Yü Group PLC (AIM:YU.), a supplier of gas, electricity and water to UK businesses, said its financial performance has significantly surpassed its expectations helped by commodity hedging.
“Adjusted EBITDA, operational cashflow and net profitability has significantly exceeded management expectations, and the board expects the strong performance to continue for the remainder of the financial year,” said the group, adding that it expects to report adjusted earnings (EBITDA) in excess of £4.7mln.
It plans to report its interim results on September 27.
Yü’s strong performance comes at a time when UK corporations are struggling to cope with soaring energy costs and many smaller businesses have warned that they may go under. The Federation of Small Businesses recently estimated that companies have seen a 424% surge in gas costs and a 349% jump in electricity since February 2021.
“The board continue to closely monitor the ability for customers to meet increased prices; especially as we enter a period where customers traditionally renew contracts and could see a significant price increase due to the exceptionally high global commodity market prices,” it said.
“The group will continue to assist its customers and has begun engaging with BEIS [the Department for Business, Energy and Industrial Strategy] to implement the government's business support package."
Businesses have been offered only limited support by new prime minister Liz Truss as part of her £150bn package for energy consumers.