Good Energy profit rises 85% Y/Y in H1 2012

Sep 18, 2012 - UK renewable electricity supplier Good Energy Group Plc (LON:GOOD) today reported profit attributable to shareholders of GBP 610,000 (USD 991,000/EUR 757,000) for the first half of 2012, a rise of 85% on the year.

Basic earnings per share increased to GBP 0.087 from GBP 0.048.

The company said the improved results reflected growing customer numbers. Electricity customers were up by 13% to more than 30,000, gas customers grew by 68% to over 6,700 and feed-in tariff customers increased to over 39,000 from 2,035 a year earlier. Chairman Rick Squires said the company expected the positive trends in customer growth to persist in the second half of 2012. Good Energy targets a total customer and generator base of 125,000 by the end of 2015 and aims to have 110 MW of operating renewable generation capacity, mainly wind and solar, by 2016.

Profit before tax was up 76% at about GBP 800,000. Revenues amounted to GBP 14.3 million, a gain of 34%.

The company announced an interim dividend of GBP 0.01 per share, payable on October 26 to shareholders of record on September 28. It paid a final 2011 dividend of GBP 0.0275 per share.

At the end of June, Good Energy had GBP 5 million of cash and GBP 5 million of working capital facilities and credit lines.

(GBP 1.0 = USD 1.624/EUR 1.240)

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