Yu Group acquires B2B meter portfolio from Bristol City Council

Yu Group said the acquisition would add around 4,000 meter points to its current meter portfolio of roughly 9,800 - an increase of about 40%.

The AIM-listed firm paid £1.24m in cash for the portfolio, with another £1.0m of receivables due for payment in August and a further £100,000 deferred for three months.

Yu expects the acquisition to be immediately earnings enhancing.

Chief executive Bobby Kalar said: "Management's objective will be to transition Bristol Energy customers onto our platform quickly and seamlessly while enhancing value and creating a proven template for further value additive potential acquisitions.

"With significant organic growth potential and a strong balance sheet, we see a great opportunity to increase market share and drive sustainable, profitable growth, creating value for all our stakeholders."

As of 0850 BST, Yu Group shares had shot up 17.24% yo 85.0p.