December 19, 2018 / 7:35 AM / a month ago

UK's financial watchdog may investigate Yu Group's financial health

Dec 19 (Reuters) - YU Group, a supplier of gas and electricity to British businesses, said the country’s financial watchdog is planning to investigate whether announcements made by the company between March 6 and Oct. 24 reflected its financial status.

The company said on Wednesday that it plans cooperate with the Financial Conduct Authority.

Yu said in October that an internal review of the performance of the firm had raised significant concerns including the recognition of historic accrued income, impairment of trade debtors and gross margins being achieved against prior expectations. (Reporting by Samantha Machado and Noor Zainab Hussain in Bengaluru Editing by Saumyadeb Chakrabarty)

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