Good Energy lifts pre-tax profit in 2016

Peacefull generation. Author: Gerry Machen.

UK green energy supplier Good Energy Group Plc (LON:GOOD) saw its pre-tax profit for 2016 grow to GBP 1.4 million (USD 1.75m/EUR 1.6m) thanks to strong performance in the supply business and the sale of the Wrotham Heath solar asset.

The result a year ago was GBP 0.1 million. Profits grew despite the increasing competitive UK energy market and volatile wholesale energy market, CEO Juliet Davenport OBE said on Tuesday.

The company said it witnessed growth in all areas of its business year on year, and especially in supplies to business customers and within the feed-in-tariff (FiT) business. Electricity, gas and FiT customer numbers grew by 5%, 14% and 18% year-on-year, respectively. Good Energy now has total of 133,012 FiT customers.

Business customer sales volumes jumped by 96% over 2015.

(Results in GBP million)	2016	2015
Revenue	90.4	64.3
EBITDA	10.1	7.3
Profit before tax	1.4	0.1

The power and gas supplied by Good Energy come from UK solar, wind, hydro and biofuel plants. Further diversifying its portfolio, the company has taken a stake in the developer of the 320-MW Swansea Bay tidal lagoon project in Wales, and this week it announced a deal to buy power from the 210-MW Westermost Rough offshore wind park.

By the end of this month Good Energy expects to connect to the grid its 5-MW Brynwhillach solar farm, it noted.

(GBP 1 = USD 1.25/EUR 1.16)

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