, the independent supplier of gas, electricity and water to the UK corporate sector released strong results on Wednesday.
After an accounting blunder earlier in the year which saw the company reduce profits by approximately £10 million, it expected to report a £7.35 to £7.85 million loss for the year.
The company reported an adjusted EBITDA loss of £6.3 million and a revenue increase of 77% to £80.6m for the year ending 31 December 2018.
It had cash balance of £16.5m at 30 April 2019. The company raised £11.6 million from a placing in March 2018.
Shares in Yu Group were trading 64.84% higher at 127.5p by midday following the results
Bobby Kalar, Group Chief Executive Officer, said: "The accounting and system failings uncovered in the second half of 2018 have had a major impact on the Group and I would personally like to apologise to all our stakeholders for the mistakes made. We have made significant progress in implementing new systems and processes and the Board is confident that we have weathered the storm.”
"The business rationale remains strong with an enormous potential market for a high-quality service provider of gas, electricity and water to the SME and corporate sector. I believe the Group is well placed to achieve long term profitable growth underpinned by the people and systems we have in place."
The company told investors it expects its focus on customer service and the “significant market opportunity” will provide a positive base to recover from the setbacks of 2018.
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Tlou's Managing Director, Mr Tony Gilby said “The Company will now progress with additional work on the ground to deliver a Gas-to-Power solution that can bring significant benefits to the country and to our shareholders. I look forward to updating the market as we continue to develop the project."
Tone Goh, Executive Chairman of GST, commented: "The Company is delighted to have signed this LOI with SIAM. SIAM are one of Thailand's leading business groups and we look forward to working with them to progress this planned data centre project.”
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