BUSINESS utility supplier Yu Group's shares jumped over 17 per cent yesterday as the firm announced that its 2019 revenue would be 35 per cent ahead of expectations.

Revenue for the financial year is expected to hit £110m, up from £80.6m in 2018. The group did not give an estimate for profit but said that earnings would be "at least" in line with market expectations.

The improvement was attributed to the group's strategy beginning to take effect. Last year Yu was forced to "reset" after discovering accounting errors cost it £10m last year.

In December Yu announced an energy supply arrangement with Smartest Energy, which will provide the firm with an initial credit line up to £13m. The firm will exclusively purchase energy from Smartest at market competitive and transparent prices to meet its customers' requirements over a five-year term.

Bobby Kalar, chief executive of Yu, said: "I'm confident we have weathered the storm and while we remain cognisant of lessons learned, we are now a forward-facing business."

(c) 2020 City A.M., source Newspaper