Renewable electricity supplier Good Energy has seen revenue and profits jump as rising wholesale costs led to price rises.
The Wiltshire-headquartered company reported revenue of 拢156.1m for the six months to June - up 45% on the first half of the previous financial year. The AIM-listed firm鈥檚 profit after tax for the period lept to 拢12m from 拢300,000 a year earlier.
Bosses at the Chippenham-based business said the 鈥渟trong鈥 set of unaudited interim results had been driven in part by diversifying its offering, with the firm acquiring solar installation business WessexECO Energy for 拢2.5m and heat pump installation firm Igloo Works for an initial 拢1.75m.
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Meanwhile the company made a loss of 拢1.1m for its near 50% shareholding in Bristol-based Zap-Map, an app and digital platform that allows users to find EV charging points, though registered users increased by around 50% to 683,000, with 80% of all EV drivers now registered on the platform.
The board said it was anticipating 鈥渁 one-off loss鈥 in the second half of the financial year, due to lagging commodity costs and tariff reductions.
Chief executive Nigel Pocklington said: "We have made great strides through acquisitions to offer new hardware services and launching new services whilst delivering a positive performance for the first half of the year as we continue to navigate a volatile energy market.
鈥淥ur robust cash position serves dual purposes: enabling strategic growth initiatives and providing a buffer against market uncertainties. Whilst we expect some of the energy trading factors which have bolstered profit to unwind through the remainder of the year, we are in a very positive financial position for Good Energy to continue to grow and capitalise on its untapped potential.鈥
The company has been pivoting towards becoming an 鈥渆nergy services business鈥 rather than just a supplier, with the company having completed the sale of its 47.5MW portfolio of generation assets - including six solar farms and two wind farms - at the start of 2022 for a total consideration of 拢21.2m.
