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Nottingham-based Yu Energy has reported rising sales and better profit margins for the first four months of the year.

The business, which supplies gas, electricity and water supplies to corporate clients, said it had seen a strong start to the year with the “good momentum” from the previous 12 months continuing.

It said: “The four months ending 30 April 2022 has seen significant revenue growth, at improved profit margins, compared to the same period in 2021. This provides management with high confidence for the remainder of FY2022.”

The trading update came a few hours before Chancellor Rishi Sunak announced a new 25 per cent levy on what he called the “extraordinary” profits that oil and gas companies are currently making, to raise revenue to help families with the cost of living.

He also said every household will get a £400 discount on energy bills with extra help for the most vulnerable following spiralling energy prices. That replaces an earlier plan for a £200 loan, with Mr Sunak scrapping the requirement to repay the money.

The Chancellor also announced how a tax on oil and gas firms – which have benefited from globally high prices driven by post-pandemic demand and the war in Ukraine – would raise around £5 billion to help meet the cost.

The idea of a windfall tax had faced resistance in Government, with Mr Sunak himself among ministers to warn about the impact it would have on future investment.

But the Chancellor said his plan for the energy profits levy would be coupled with a new incentive, almost doubling the tax relief available on investment.