Last checked at 13 Jun 2019 07:00
Good Energy Group PLC
AGM Statement
Continued growth for the period covering 1 January 2019 to date
100% renewable electricity supplier and localised self-generation power service provider, Good Energy Group PLC ("Good Energy" or "the Company"), is holding its Annual General Meeting ("AGM") at 15:00pm today in Chippenham.
Current performance and outlook
Overall, a good start to the year with continued growth in both Business Supply and FIT Administration. Domestic Supply has been held back by a warmer than seasonally normal Q1 and continued price competition impacting customer numbers, although this has been partly offset by holding back on operating expenditure.
The overall cash position remains strong following further cash collection improvements and better than expected working capital utilisation partly on account of the warmer winter. Gross debt will be reduced by the end of June following the completion of the Brynwhilach sale and the repayment of the £3.6m outstanding principal of the Good Energy Bond I.
Profit from continuing operations is expected to be weighted towards the first half of the year, despite the warmer Q1 period. Overall, the performance of the group remains in-line with management expectations.
Our next update to the market will be for our Interim Results in September 2019, for the 6-month period to 30 June 2019.
Juliet Davenport, Founder and Chief Executive Officer of Good Energy commented:
"Yesterday's announcement that the Government is committing to net zero emissions by 2050 is a historic move that puts the UK on track to become a world leader in fighting the climate emergency. Good Energy's mission has always been the creation of a sustainable and low carbon economy. Today, Good Energy stands out amongst its competitors as being one of the very few truly green energy companies that can deliver on its customer promises.
"Britain is a powerhouse in environmental research and technological development. Good Energy is a pioneer in this space, developing commercial models for new technologies for 20 years. And as a business whose purpose is to help people combat climate change, we have an opportunity now which we are ideally placed for.
"As we move from 'supply' model of business to 'share' model, our future value to customers is in energy services, which we have made significant strides towards in the last 12 months. We have commenced our smart metering rollout - the great enabler for a shared energy future, specifically in the domestic market. In Zap-Map, we have invested in the leading electric vehicle data platform, creating huge opportunities for services in the crucial area of clean transport. In our HAVEN project researching vehicle to home energy sharing, we are developing how clean transport and the smart home interact.
"Supplying clean energy to homes and businesses continues to power our business today. The current market trends, our expertise and the steps we have made into new energy technology services will power our business into a cleaner, greener future."
Enquiries:
Good Energy Group PLC Juliet Davenport, Chief Executive Charles Parry, Investor Relations
| Tel: +44 (0)1249 766795 |
Investec Bank plc (Nominated Adviser) Jeremy Ellis Sara Hale
| Tel: +44 (0) 20 7597 5970 |
Walbrook (Financial PR) Paul Cornelius Nick Rome
| Tel: +44 (0) 20 7933 8794
|
Notes to editors:
About Good Energy www.goodenergy.co.uk
Good Energy was founded in 1999 by Juliet Davenport OBE with the ambition to tackle climate change by generating and investing in renewable energy. Its purpose is to power the choice of a cleaner, greener future together with its customers, employees and investors.
Since it started, the company has been supplying clean power, sourced from its own generation assets as well as from independent, UK-based renewable generators. Good Energy also pioneered a more localised approach to energy by supporting home generation, launching the HomeGen scheme in 2004, which became the blueprint for the Feed-in Tariff.
Today, it continues to support and invest in localised energy generation, as the only UK energy company with more home-generation customers than supply. From using digital innovation to help UK households and businesses manage their energy usage more efficiently, to empowering more people to generate, store and share clean power, it is leading the charge towards a cleaner, distributed energy system.