Good Energy targets customer jump as sales grow

Tuesday, 18th September 2012

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Founder Juliet Davenport said she was “encouraged” by the company’s performance as its customer base has doubled over the past year to more than 30,000.

Good Energy posted revenues of £14.3m in the six months to 30 June 2012, up from £10.7m a year ago. Pre-tax profit increased from £452,000 to £795,000 for the same period in 2011.

Davenport said the continued growth in electricity supply customers was because of “continued price competitiveness” and more people looking to fit their homes with renewably-sourced energy.

As a result of this, the company’s customer base has increased to more than 30,000, its best number increase at the half-year since 2008.

Davenport added gas supply business has also enjoyed good growth this year thanks to improvements in its ‘dual-fuel’ sign-up process. Good Energy now has 6,700, gas customers.

Good Energy chairman Rick Squires, who has previously worked for the likes of Royal Dutch Shell Group and InterGen, said he expects the “positive trends” in customer growth to continue in the second-half of the year. He added the business’ overall aim was to hit 125,000 customers by 31 December 2015.

Squires said: “Using some of the funds raised from our AIM admission, we will be investing more in marketing to continue to improve our brand awareness.

“We are also focusing on developing new partnerships with organisations who share our ethical and environmental principles to help grow our customer base.”

The board of Good Energy has recommended an interim dividend of 1p per ordinary share. In 2011, the company paid a final dividend of 2.75p.

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