December 20, 2018 / 8:45 AM / 6 months ago

UPDATE 1-Yu Group expects bigger loss from balance sheet corrections

(Adds details, share price)

Dec 20 (Reuters) - British electricity supplier Yu Group 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 ($9.3 million) 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. ($1 = 0.7899 pounds) (Reporting by Samantha Machado and Pushkala Aripaka in Bengaluru; Editing by Bernard Orr and Sai Sachin Ravikumar)

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