Yu Group yesterday saw its shares soar nearly six per cent after announcing it is on course to "substantially" outperform market expectations for revenues and profits this year. The challenger group reported meter points increases from 22,500 in December 2022 to 39,700 just six months later.

Looking ahead, Yu Group said it anticipates an expansion in its profit margins courtesy of its digital by default strategy and smart meter rollout.

It consequently lifted its earnings targets, having exceeded its goal of four per cent margins in pretax profits, and set a medium-term goal of £500m revenue with a five per cent margin for its gross earnings.

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