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 海角视频 corporate sector, said the business had not only 鈥渨eathered the storm鈥 but 鈥渂lown it away鈥 in all key areas.
While others had gone under, the business, which deals with almost 32,000 鈥渕eter points鈥, said it had benefited from 鈥渉igher tariffs as a result of commodity market prices鈥.
In recent months parent company Yu Group has been appointed by Ofgem as 鈥淪upplier of Last Resort鈥 for the failed Ampower海角视频 鈥 adding 8,200 meter points 鈥 as well as Whoop Energy and Xcel Power, and now had measures in place to 鈥渙nboard thousands of new customers in a matter of hours鈥, should the need arise.
Mr Kalar spoke as Yu put out results for 2021 showing revenues up 50 per cent to 拢155 million.
The business, which saw staff numbers rise from 111 to 145 during the year, made a pre-tax profit of almost 拢3.4 million, up from a loss of 拢1.5 million the previous year.
In its final results for the year Yu said it was 鈥渟erving additional out of contract customers, at increased tariffs reflective of the market conditions, providing further revenue growth opportunity鈥.
It said 鈥淭he 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.鈥
Mr Kalar said: "We have delivered on our promise to deliver profitable growth, which is set to continue.鈥
鈥2021 was a remarkable year and a stellar performance that's seen the group outperform forecasts in terms of profitability, growth and forward looking contracted revenue.
鈥淒espite the turbulence of the global energy commodity market the business has remained focussed and disciplined underpinned by our robust hedging strategy.
鈥淥ur strategy is working well and the 'hard yards' have harvested rewards. With a very strong start to 2022 I'm pleased our January and February bookings, revenue and profitability have continued the momentum demonstrated in 2021.
鈥淥ur inorganic strategy is contributing positively to our growth ambition. Being awarded the Ampower海角视频 B2B customer book in November by Ofgem, and two more customer books this year, provides an endorsement of our credentials and gives us confidence we are ready for bigger books be it via acquisition or via Ofgem's Supplier of Last Resort process.
鈥淚t's been a tough year for the energy industry in terms of unprecedented wholesale gas volatility causing some suppliers to exit the market, exacerbated by the effects of the pandemic.
鈥淗owever, our results show we have not only 鈥渨eathered the storm鈥 but 鈥渂lown it away鈥 in all key areas.
鈥淥ur focus this year will be to continue the momentum of 2021 with continued emphasis on growth, profitability and further developing our already strong forward order book.
鈥淲e've become one of the fastest growing utility challenger brands in the 海角视频 and central to this success as always are the amazing people who I have the good fortune to work with every day.
鈥淎 huge thank you to all my team."
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