ENERGY SUPPLIER LOCATES £10M 'BLACK HOLE' IN PROFITS

摘要

AIM-listed Yu Group, an independent supplier of gas and electricity to the UK corporate sector, has revealed a £10m 'black hole' in its profit forecasts following an internal review and has called in PwC to conduct a forensic investigation. The initial review identified several areas of significant concern relating to the recognition of historic accrued income; impairment of trade debtors; and gross margins being achieved against prior expectations. The board says it estimates the combined adjustments will lead to around a £10m reduction in profitability when compared with current market expectations, with the company reporting a loss for the current financial year.