Last checked at 28 Nov 2023 07:00
28 November 2023
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Good Energy Group PLC
("Good Energy" or the "Company")
Trading update
Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity supplier and energy services provider, issues a trading update for the 10 months to 31 October 2023.
Following a strong first half of the year, the Company's trading to the end of October has been ahead of expectations. If seasonal normal weather and stable commodity market conditions continue for the remainder of the year, Good Energy expects to deliver earnings ahead of the Board's expectations for the full year seeing a profit before tax of at least £4m.
Forecast loss in H2 2023 is now expected to be reduced, as weather conditions through the early winter have been generally mild and renewable generation has been stable, which has reduced gas consumption and softened short term market prices.
Nigel Pocklington, Chief Executive Officer of Good Energy, said:
"This strong performance builds on Good Energy's progress in the first half of the year. A more stable wholesale energy market has helped our energy supply business, whilst we have continued to make great strides in the roll out of energy services to our customers.
"In the past six months we have launched new services for solar export, flexibility and electric vehicle drivers. Good Energy has topped Which?'s green energy rankings for the third year running, and we are the cheapest energy supplier with a green exemption from the price cap - meaning customers can get the greenest product at the best price.
"Our strong cash position means we can continue to invest in product growth and strategic acquisitions, as well as providing a buffer for market uncertainty.
"Good Energy's goal is to be the go-to for green-minded customers, and with our growing suite of products alongside our trusted legacy in solar export and renewable supply, we are uniquely positioned to achieve that."
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 | 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 over 2,000 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.