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The boss of commercial supplier Yu Energy said he expects it to remain in profit as it deals with the consequences of spiralling energy prices.

Bobby Kalar, chief executive of the Nottingham-based independent supplier of gas, electricity and water to the º£½ÇÊÓƵ corporate sector, said the business had not only “weathered the storm” but “blown it away” in all key areas.

While others had gone under, the business, which deals with almost 32,000 “meter points”, said it had benefited from “higher tariffs as a result of commodity market prices”.

In recent months parent company Yu Group has been appointed by Ofgem as “Supplier of Last Resort” for the failed Ampowerº£½ÇÊÓƵ – adding 8,200 meter points – as well as Whoop Energy and Xcel Power, and now had measures in place to “onboard thousands of new customers in a matter of hours”, should the need arise.

Mr Kalar spoke as Yu put out results for 2021 showing revenues up 50 per cent to £155 million.

The business, which saw staff numbers rise from 111 to 145 during the year, made a pre-tax profit of almost £3.4 million, up from a loss of £1.5 million the previous year.

In its final results for the year Yu said it was “serving additional out of contract customers, at increased tariffs reflective of the market conditions, providing further revenue growth opportunity”.

It said “The increased contracted revenue and pool of customers providing out of contract revenue opportunity provide the board with significant confidence that a very strong organic growth rate will continue in FY 2022.”