Good Energy Group posts energetic first half numbers

Renewable energy supplier and generator Good Energy Group posted its interim results for the six months to 30 June on Tuesday, with revenue rising 40% to £45.6m.

The AIM-traded firm’s gross profit was up 50% year-on-year to £15.3m, with its gross profit margin improving to 33.5% from 31.3%.

EBITDA was up 72% to £6.2m, and operating profit grew 60% to £3.6m.

Good Energy’s basic earnings per share were up 204% to 7.9p during the period, and its board declared an interim dividend in line with last year’s interim results at 1p.

Net debt did grow marginally over 2015, however, by 1% to £50.7m.

“As our continued customer growth demonstrates, UK consumers are increasingly moving away from fossil fuels and choosing Good Energy, with its award winning customer service and dedicated focus on 100% renewable electricity,” said CEO Juliet Davenport.

“We continue to invest in the company as we build our digital capacity and we expect that the first stage of our system investment will be completed before the end of the year.

“Additional rollouts will occur across the company in 2017,” she explained.

Davenport said the board felt optimistic about the opportunities this investment provides as the UK energy market transitions to SMART.

“Our strong results supported by our recently oversubscribed share offer, investment in systems and continued focus on internal efficiencies, innovation and customer service excellence will help Good Energy successfully meet the changing demands of the UK energy market.

“The outlook for the remainder of the year remains positive and we remain confident of achieving the market's full year expectations,” she said.