Last checked at 22 Jun 2023 07:00
22 June 2023
Good Energy Group PLC
("Good Energy" or "the Company")
AGM trading update
Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity and energy services provider, provides a trading update for 2023 to date.
The business has performed more strongly than planned in the first five months of the year. Profit in the first half will be higher than expected driven by falling and less volatile wholesale commodity costs. As expected, the second half will be loss making given the interplay between hedged prices of power and gas and current falling market prices.
Cash and restricted deposits at the end of May increased to £38m following the strong profit performance and the timing of customer support receipts under the Government support schemes. We therefore expect the majority of the working capital upside to unwind in the second half of the year.
The Company is fully hedged for the third quarter of the year and over 50% hedged for Winter 2023 across power and gas.
The Group has performed well in the year to date and the Board is optimistic for the full year outturn. At this point in time, the Board's expectations for the full year remain unchanged.
The company will release interim financial results for the six-month period to 30 June 2023 on Tuesday 19 September 2023.
Enquiries
Good Energy Group PLC Nigel Pocklington, Chief Executive Charlie Parry, Director of Corporate Strategy & Investor Relations Ian McKee, Head of Communications | Email: press@goodenergy.co.uk |
SEC Newgate UK | Email: GoodEnergy@secnewgate.co.uk |
Elisabeth Cowell / Molly Gretton | Tel: +44 (0)7900 248213 |
Investec Bank plc (Nominated Adviser and Joint Broker) | |
Henry Reast / James Rudd / Maria Gomez de Olea | Tel: +44 (0) 20 7597 5970 |
Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald - O'Connor / Harry Rees | Tel: +44 (0) 20 7523 4617 |
About Good Energy www.goodenergy.co.uk
Good Energy is a supplier of 100% renewable power and an innovator in energy services. It has long term power purchase agreements with a community of 1,700 independent UK generators.
Since it was founded 20 years ago, the Company has been at the forefront of the charge towards a cleaner, distributed energy system. Its mission is to power a cleaner, greener world and make it simple to generate, share, store, use and travel by clean power. Its ambition is to support one million homes and businesses to cut carbon from their energy and transport used by 2025.
Good Energy is recognised as a leader in this market, through green kite accreditation with the London Stock Exchange, Which? Eco Provider status and Gold Standard Uswitch Green Tariff Accreditation for all tariffs.