- Utility supplier to businesses Yu booked a full-year loss and said the Covid-19 crisis presented a 'material risk' to the company.

Pre-tax losses for the year through December amounted to £5.0m, compared to losses of £6.3m on-year.

Revenue rose 38% to £111.6m.

Yu said it had available cash at 31 of £10.9m, with a further £6.1m in 'collateral deposits'.

The company has been trying to recover from accounting errors in 2018 that saw it overstate its revenue.

'One of the main objectives of the year under review was to strengthen our internal processes so that scaling would not create further pressure points on the business as we have witnessed in the past,' chief executive Bobby Kalar said.

'Significant milestones have been achieved and we are now well placed to deliver profitable growth.'

'Improvements made during the year included adopting more disciplined processes and cost controls, and focusing on enhancing gross margin, and as a result the group has exceeded market forecasts for revenues and adjusted EBITDA for 2019.'

At 8:59am: [LON:YU.] Yu Group Plc share price was -5p at 62.5p

Story provided by