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Yu Group expects bigger loss from balance sheet corrections

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By Reuters

(Reuters) – British electricity supplier Yu Group <YU.L> has found further accounting problems with old financial statements which are expected to widen its full-year loss, it said on Thursday.

The warning came a day after the UK’s financial watchdog said it was investigating the accuracy of announcements made by the company between March 6 and Oct. 24.

Yu shares, which trade on the secondary market of the London Stock Exchange, hit a record low in light morning trade.

The company now expects a 2018 adjusted pretax loss of between 7.35 million pounds and 7.85 million pounds.

Yu Group, which supplies gas and electricity to British businesses, had said in October its profitability would take a 10-million-pound hit from accounting errors revealed in an internal review.

(Reporting by Samantha Machado and Pushkala Aripaka in Bengaluru; Editing by Bernard Orr and Sai Sachin Ravikumar)