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LONDON (Alliance News) - Good Energy Group PLC on Tuesday said cold weather and higher prices boosted its profit growth in the first half of 2018.
The renewable energy company said pretax profit more than doubled in the six months to the end of June to GBP1.7 million compared to GBP700,000 reported for the same period a year ago, as revenue rose 19% to GBP61.8 million from GBP52.0 million.
The company declared an interim dividend of 1.0 pence per share, unchanged year-on-year.
The company said its results were bolstered by supply volumes and cold weather conditions in February and March, and the implementation of the domestic price rise.
Overall customer receivables increased by GBP3.5 million to GBP31.0 million reported in December last year, driven by higher consumption levels.
Administration costs increased 21% to GBP13.8 million, primarily because of continued investment in overall capabilities and resourcing, Good Energy said. Meanwhile, finance costs decreased by 1.7% to GBP2.3 million, as the company saw lower borrowing rates and a reduction in overall net debt.
Looking ahead, the company said it expects lower profit in the second half of the year due to the warmer weather throughout the summer, leading to lower overall consumption. Good Energy also plans to increase in investments in the brand relaunch and digital and online capabilities in order to drive future growth.
"This is a good set of results," said Founder & Chief Executive Juliet Davenport.
"We continue to roll out digital improvements and upgrades which is beginning to receive positive feedback from our customers on their experience of Good Energy," added Davenport.
Shares in Good Energy were trading 5.3% lower on Tuesday at 125.00p each.
