December 20, 2018 / 8:40 AM / a month ago

RPT-Yu Group says accounting review reveals problems, profit to be hit

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Dec 20 (Reuters) - Electricity and gas supplier Yu Group Plc said on Thursday that its accounting review confirmed serious historic failures with the company's processes and systems as it relates to its finances.

The supplier of gas and electricity to British businesses, which is being investigated by UK's financial watchdog, said it expects its full-year profit to be lower by between 2.75 million pounds ($3.48 million) and 3.25 million pounds.

The company said it expects adjusted pretax loss of between 7.35 million pounds and 7.85 million pounds for the year ended Dec. 31.

Previously, Yu Group reported that the Financial Conduct Authority is planning to investigate whether announcements made by the company between March 6 and Oct. 24 reflected its financial status. ($1 = 0.7896 pounds) (Reporting by Samantha Machado in Bengaluru; Editing by Bernard Orr)

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