- Utility provider to small businesses Yu swung to a first-half profit and upgraded its annual earnings guidance, citing a recovery in customer demand.

Pre-tax profit for the six months through June amounted to £0.92 million, compared to year-on-year losses of £1.71 million.

Revenue rose 43% to £65.8 million and cash at 30 June was £11.5 million.

Contracted revenue of £90.5 million had been secured for 2022 at 31 August, which Yu said provided good forward revenue visibility.

Revenue for the full year was expected to be in line with market expectations.

However, adjusted earnings before interest, tax, depreciation and amortisation was expected to be ahead of market expectations 'based on strong net customer contribution performance'.

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