Good Energy customer base grows in first half

Renewable and carbon neutral gas supplier Good Energy Group posted a trading update for the first six months ended 30 June on Thursday, reporting strong growth in overall customer meter points up 36% to 239,750.

The AIM-traded firm also claimed to have achieved “industry-leading” customer advocacy scores, in a period in which it also held a significantly oversubscribed share offer, raising £3.1m.

Good Energy’s board pointed out the increased competitiveness of its gas product, and launch of a carbon neutral green gas proposition.

During the period, it signed a contract for a new SMART-ready customer management and billing system expected to be delivered in H2 2016 as well as embedding its new financial system.

It also completed the sale of a 5MW solar site, achieved its highest ever brand awareness of 6.7%, won the Renewable Energy Association customer service and company of the year awards, and confirmed that its full year results remain in line with expectations.

“Good Energy has made a strong start to 2016 with customer meter points up 36% and our highest ever brand awareness,” said founder and chief executive Juliet Davenport.

“We were particularly pleased with our net promoter scores highlighting our customers' advocacy of Good Energy."

Davenport said customer advocacy and support has always been key to Good Energy's success, and the company was “delighted” with the uptake to its latest share offer with the majority of funds coming from our existing customers, shareholders and bondholders.

“This was our most successful share raise since we listed on AIM and we welcome our new shareholders to the Good Energy family."

“With 17 years of trading behind us, our clearly defined proposition of ethical principles, award winning customer service and independently certified 100% renewable electricity and carbon neutral green gas propositions, Good Energy continues to appeal to new customers,” Davenport explained.

"We continue to make rapid progress in delivering our strategic plan by investing in new systems. These systems will form the foundation on which our future growth will be built.”