StockMarketWire.com - Energy retailer Yu Group swung to a full-year loss and slashed its dividend following a year marred by accounting irregularities.

Pre-tax losses for the year through December amounted to £6.3m, compared to a restated £0.7m profit on-year.

Yu Group cut its dividend to 1.2p per share, down from 3.0p on-year.

Revenue rose 77% to £80.6m.

The company said it had implemented new control, accounting and governance processes, supported by a third-party review by PwC.

'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,' chief executive Bobby Kalar said.

'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.'

At 10:05am: [LON:YU.] Yu Group Plc share price was +30p at 122.5p



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