Good Energy's H1 pre-tax profit grows to GBP 2.5m

Wind turbines in UK. Author: Stephen Jones. License: Creative Commons. Attribution 2.0 Generic

September 10 (Renewables Now) - UK clean energy company Good Energy Group Plc (LON:GOOD) on Monday reported a pre-tax profit from continuing operations of GBP 2.5 million (USD 3.1m/EUR 2.8m) for the first half of 2019, up 8% from a year ago.

The renewable electricity supplier and power services provider has six solar and two wind parks in its portfolio. Its founder and CEO Juliet Davenport said that during the reporting period the company managed to deliver strong financial results in spite of the challenging market conditions and added that it is “ideally-positioned” for the ongoing period of significant market changes.

Good Energy’s revenues in the six months rose by 2.8% on the year to GBP 63.5 million thanks to the increased business supply volume and improved pricing. Its client base amounted to 261,800, up 1.4% in annual terms. The company witnessed a shift in the customer mix in line with its efforts to focus on the business sector. As a result, its business customers were 4.1% more, reaching 124,300, while domestic customer numbers fell by 0.9% to 137,500. At the end of June, its customer mix was split to 53% of domestic and 47% of business customers, as compared to a 54/46 split in 2017.

The table below contains further details on the firm’s results from continuing operations.

Amounts in GBP H1 2019 H1 2018
Revenue 63.5m 61.8m
Gross profit 17.1m 18.4m
Operating profit 4.8m 4.6m
Pre-tax profit 2.5m 2.4m
Basic earnings per share 0.153 0.108

Looking ahead, Good Energy plans to boost investment in system improvements and digital and online capabilities and continue to reshape its business in line with the future energy market needs. Overall, it anticipates 2019 to be a year of progress in financial terms, it said.

(GBP 1.0 = USD 1.234/EUR 1.117)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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