Yü revenue charges up but profits fall short

The share price of AIM-listed corporate utilities supplier Yü (LON:YU.) has surged upwards by 77.30% to 164p (as of 12:30 BST) after it reported a 76.7% improvement in revenues for 2018. However, the company slipped to a loss following a third-party financial review and the introduction of new accounting and governance control. The firm has also invested in additional sales and product development capacity.

CEO Bobby Kalar commented: “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“.

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