Yü Group (AIM:YU.) more accounting issues, but at least you could see this one coming!
Yü Group PLC (AIM:YU.), the rapidly growing supplier of gas and electricity to UK SMEs, has identified several areas of accounting concerns, pushing the group into a loss making situation. At least there were warning signs with this one, not least from the umlauts …
YU has announced significant areas of concern relating to the:
Recognition of historic accrued income;
Impairment of Trade Debtors; and
Gross margins being achieved against prior expectations.
The result of this is a £10m reduction in profitability when compared with current market expectations.
In 2017 YU generated operating income of £2.3m and for 2018 was forecast to deliver earnings per year of 25.6p, or post tax profit of approx. £4.2m. The reduction…
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