"Encouraging" year for Good Energy Group

Tuesday, 9th April 2013

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The Chippenham-based company has reported revenue of £28.2m for the year to 31 December 2012 – a 31 per cent increased compared with £21.6m in the previous year.

Pre-tax profit also increased by 27 per cent from £1.1m to £1.4m during the period.

The business said the majority of the increase came from revenue from electricity supply and FIT administration.

Good Energy said during the year there was a “strengthening of the business foundation of the company” and it had invested in building its infrastructure for future profitable growth.

In July 2012, the company raised £4m with a move from the Plus Market (now known as ISDX) to AIM.

Good Energy said its plans to target a portfolio of 110MW of wind, solar and small hydro generate assets by 2016 are “progressing well”. It said its Delabole wind farm in north Cornwall performed well during the period and generated about 16 per cent of its renewable energy requirement for its supply base.

Its development portfolio has made “significant advances”, the business said with a two small sites in planning. It also acquired a site in Yorkshire in January and expects development of this to begin this year.

Chief executive Juliet Davenport said: “Good Energy has performed in line with expectations and we are successfully delivering on our plans. This year we achieved significant growth across all customer sites, improved our trading margins and our competitive positioning.

“This is the same year that we topped the Which? Customer satisfaction survey for electricity suppliers again, making it three out of the last four years. All of these elements underpin our overall commitment to the continued development of a profitable renewable energy company, and a cleaner, green and more secure energy future for the UK.”

Chairman John Maltby said: “2012 was another encouraging and successful year for Good Energy. We have invested in building a solid foundation for the business and we look forward to continued progress in 2013. Good Energy is well placed to rise to the challenges and take advantage of the opportunities in the year ahead.”

Good Energy said it intends to “continue to develop and grow” in 2013. But it added that it does not expect for the same level of growth in its FIT administration business because of changes to the scheme.

 

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