Good Energy customer numbers surge but profit slips

AIM-listed Good Energy posted a 44% rise in customer numbers in 2015 as more people opted to sign up with smaller energy firms.

In its preliminary results for the 12 months to the end of December, the renewable energy company said customer numbers rose to 219,400 from 152,500 in 2014.

Electricity customer numbers were up 32% to around 68,000 while gas customers grew 55% to 38,800.

Meanwhile, revenue in the period increased to £64.3m from £57.6m.

However, pre-tax profit fell to £100,000 from £1.3m the year before, which was a 92% slump. The company pointed out that the 2014 figures had included a profit of £3.6m on the sale of the West Raynham solar park.

Good Energy will pay a dividend of 2.3p per share, in line with the previous year, giving a flat dividend of 3.3p for the full year.

Chief executive Juliet Davenport said: “Good Energy has seen significant growth during the last 12 months. It has continued to deliver against its strategic business plan - investing in systems and assets, and driving growth across all sectors of its customer base.

"At the same time, the company has demonstrated high levels of flexibility and nimbleness in adapting its business approach to reflect the changes in government energy policy, successfully delivering growth against this challenging backdrop.”

At 1156 GMT, shares were down 0.3% to 200p.