The troubled energy supplier at the centre of an accounting scandal has warned that losses will be even deeper than feared, after a review that uncovered “serious historic failures” in its finance function. Yu Group is under investigation by the Financial Conduct Authority after its warning in October that it had discovered a £10 million black hole in its finances and was on track for a £5 million loss this year. Yesterday it said losses would now be between £7.4 million and £7.9 million this year, sending shares tumbling 14 per cent to new lows. Yu operates Yu Energy, the Nottingham-based business energy company, which supplies gas and electricity to about 10,000 small and mid-sized businesses. It was founded in 2012 and floated on London’s junior Aim market in 2016 at 185p. It reported revenues of £47 million and pre-tax profits of £2.2 million last year.
Times 21st Dec 2018 read more »