Last checked at 4 Jun 2020 07:00
Good Energy Group PLC
COVID-19 Update
Publication of Annual Report
& Notice of AGM
Good Energy Group PLC, the 100% renewable electricity supplier and innovative energy services provider ("Good Energy" or "the Company"), today announces an update on COVID-19 and its final dividend, that its Annual Report and Accounts for the year ended 31 December 2019 has been published online and will shortly be posted to shareholders, and that its Notice of Annual General Meeting has been posted to shareholders and published on the Company's website.
COVID-19 Update:
We have seen no significant financial impact from the coronavirus (COVID-19) outbreak to date. The Company started the period with a strong cash position and this has been maintained, due to:
· Our diverse Domestic and Commercial supply bases; whilst near-term overall demand has decreased and pricing patterns have shifted, cash collection to date has remained in line with normal seasonal expectations;
· Pro-active actions to mitigate any potential short-term cashflow issues; and
· Successful business continuity execution.
We continue to monitor the situation very closely while planning for a range of scenarios including changes to current government guidance or policy.
Operationally, the Kraken customer service system implementation and associated operating model transformation is progressing as planned, with almost two thirds of our customers now successfully migrated onto the new platform.
Furthermore, our generation assets continue to perform well, with above average output so far in 2020.
The Board has a progressive dividend policy, recognising the importance to our shareholders of the dividend as part of their overall return. However, in light of the ongoing COVID-19 pandemic and ongoing focus on prudent cash flow management, the Board of Directors has decided to defer the final dividend previously announced. The Board has also taken the same action with regards to the 2019 employee bonus.
The Board will review this position following the publication of our interim results in September 2020, but notes that payment would only be made after careful consideration of both the Company's liquidity position at that time and the wider economic outlook as households and businesses emerge from the pandemic.
Annual Report:
The Annual Report and Accounts for the year ended 31 December 2019 has been published online and will shortly be posted to shareholders.
The Annual Report and Accounts is available online at:
https://group.goodenergy.co.uk/home/default.aspx
Notice of Annual General Meeting:
The Notice of AGM has been posted to shareholders. The Company will be holding a closed AGM on 30 June 2020 at 4pm at the Company's offices, in light of the current restrictions on social gatherings and unnecessary travel due to COVID-19.
Shareholders are encouraged to appoint the Chairman as their proxy, to ensure that they can vote and be represented at the AGM. No proxy other than the Chairman will be entitled to attend the meeting in person. Forms of proxy must be completed, signed and returned so as to be received by the Company's Registrars by no later than 4pm on Friday 26 June 2020. Full details are set out in the Notice of AGM and on the Company's website at https://group.goodenergy.co.uk/investor-centre/agm-and-general-meeting-information/
AGM Statement and Presentation:
The next planned update to the market will be an AGM statement to be released on the morning of 30 June 2020. An online presentation to shareholders will be held to accompany the AGM Statement with an opportunity for Q&A. Further details will be made available and announced to the market in due course.
Enquiries:
Good Energy Group PLC Juliet Davenport, Chief Executive Charles Parry, Investor Relations
| Via Walbrook PR |
Investec Bank plc (Nominated Adviser) Jeremy Ellis Sara Hale
| Tel: +44 (0) 20 7597 5970 |
Walbrook (Financial PR) Nick Rome Tom Cooper
| goodenergy@walbrookpr.com Tel: +44 (0) 20 7933 8783
|
Notes to editors:
About Good Energy www.goodenergy.co.uk
Good Energy is a generator and supplier of 100% renewable power and an innovator in energy services. It currently owns two wind farms, six solar farms and sources electricity from a community of 1,500 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 support UK households and businesses generate, store and share clean power.