March 20 (Renewables Now) - UK firm Good Energy Group Plc (LSE:GOOD) reported today a 2018 profit from continuing operations of GBP 1.1 million (USD 1.46m/EUR 1.3m), down by 17.4% year-on-year.
The green energy supplier, which has 47.5 MW of wind and solar capacity in its continuing generation portfolio, saw its revenues increase by 11.9% to GBP 116.9 million thanks to the extreme weather conditions early in the year. Its gross profit was up 12% mainly because Good Energy implemented a domestic price rise earlier than in prior years.
The table contains details on the firm’s results from continuing operations.
|All in GBP '000, unless specified||2018||2017|
|Profit for the year||1,074||1,300|
Good Energy delivered to customers 1.09 million MWh, up 3% in annual terms. Business volumes grew by 23.2% while domestic volumes contracted by 1.2%. There was a shift in the customer mix to 53% of domestic and 47% business customers, as compared to a 55/45 split in 2017. This is in line with the company’s efforts to focus on the business sector. Business volumes are expected to continue to grow in 2019.
The company had 259,863 customers in 2018, up by 0.2%.
Profits in 2019 are expected to be weighted towards the first half of the year, in line with cyclical trends assuming seasonally normal weather and stable commodity cost environment. Good Energy plans continued investment across the business, including digital and online capabilities, and new propositions in the electric vehicle (EV) and energy storage sectors, in order to drive future growth.