Good Energy publishes ‘encouraging’ financial results

Green electricity provider Good Energy Group Plc has published financial results for the six months ending 30 June 2012 showing a rise in revenues and profits.

Highlights of the interim results include a 34 percent increase in revenue to £14.3m, a 27 percent increase in gross profit to £5.1m, a cash balance of £5m and a share dividend of 1p per ordinary share declared.

The company has reported a 13 percent increase in customers to over 30,000 in total, a reduction in consumer gas prices due to economies of scale and and an increase in Feed-in Tariff customers to 39,000.

Juliet Davenport, Good Energy Group founder and chief executive, said: “We are encouraged by our performance so far this year. The total number of customers using Good Energy’s services has more than doubled since this time last year, and our electricity and gas supply customers continue to be attracted by our competitive prices, strong customer service ethos and our commitment to renewable energy.”

Rick Squires, the company’s chairman, added: “We are pleased to report an improvement in our interim results for the fourth consecutive half-year. Our efforts in 2012 have focussed on our strategic aims for supply and generation, and as such, we were pleased to announce our admission to the AIM market of the London Stock Exchange from 30 June 2012.

“We expect to see the positive trends in customer growth across the business continue in the second half of the year with our longer-term aim to grow our total customer and generator base to 125,000 by 31 December 2015.”