The group said it anticipates that revenues for the year will be significantly ahead of current market forecasts.
In a report the group said, given the continued rapid growth opportunities available to the business, it has elected to make additional investment in headcount and fixed costs.
However, the board is confident the group will report operating profits ahead of current market expectations.
Yü reported net cash at the period end of £5.0 million (FY 2016: £5.2 million) excluding collateral deposits, with energy market counterparties of £600,000. These funds continue to be utilised to support its hedging policy, the group said.
Cash generation in the second half of the year was, as expected, lower than the first half, due to the payment of certain industry levies during this period. The group’s balance sheet remains strong and the business continues to be cash positive going forward.
Yü said it continued its strong sales momentum in H2, 2017, with contracted revenue for FY 2018 rising from £23.2 million at the time of the announcement of the interim results in September 2017, to more than £50 million at the year end (FY 2017: £20.0 million).
It said it has become increasingly apparent that any opportunities for the group rest mainly within the medium sized corporate sector, and also recognises that the small business and larger corporate sectors provide a firm foundation for the its activities.
“Our success in this middle market leads us once again to increase our expectations for growth in 2018 and thereafter. As such we anticipate that revenues for 2018 and 2019 will be substantially ahead of our previous expectations”, the said in a statement.
Bobby Kalar, CEO of Yü Group, said, “We are once again delighted with the group’s continued progress. The business is developing well and our focus on our long term sales growth is paying dividends.
“We are now in the process of opening a new office in central Leicester, in order to accommodate the growing number of people within the business who will deliver and service this growth potential.
“Investment in our people, culture and procedures is important to accelerate our rapid growth, while maintaining customer satisfaction. I look forward to the future with confidence.”
*Notice of Preliminary results
The Group intends to announce its results for the year ended 31 December 2017 on Tuesday 6 March 2018.