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LONDON (Alliance News) - Good Energy Group PLC on Wednesday reported significant growth in profit in 2018 helped by higher prices and increased electricity demand.
The renewable electricity supplier said pretax profit more than doubled to GBP1.6 million in 2018 compared to GBP700,000 a year earlier, as revenue jumped by 12% to GBP116.9 million from GBP104.5 million.
Good Energy said revenue growth was driven by business supply volume growth, a price rise, and "extreme" weather conditions in the UK at the start of the year.
Meanwhile, administration costs increased 13% to GBP26.8 million from GBP23.7 million, primarily because of continued investment in overall capabilities and resourcing, the company explained.
Good Energy increased its annual payout by 6.1% to 3.5 pence from 3.3p paid a year prior.
In 2019 the company said it expects to experience growth driven by business volumes and continued digital investment.
"A period of rapid change is underway in the UK energy market. The trends in both the competitive landscape and the continuing renewable energy revolution leave us extremely well-placed to succeed," said Founder & Chief Executive Juliet Davenport.
"Good Energy will continue to focus on profitable, sustainable growth - led by supplying power to businesses, and supported by digital investments," added Davenport.
Good Energy shares were trading 8.3% higher on Wednesday at 102.84 pence each.