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Economic Development

Good Energy revenues surge as rising wholesale costs bump up prices

The Wiltshire-based renewable electricity supplier continued to grow its solar, heat pump and EV charging point map platforms during the period

Good Energy chief executive Nigel Pocklington.(Image: Tim Gander)

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 £156.1m for the six months to June - up 45% on the first half of the previous financial year. The AIM-listed firm’s profit after tax for the period lept to £12m from £300,000 a year earlier.

Bosses at the Chippenham-based business said the “strong” set of unaudited interim results had been driven in part by diversifying its offering, with the firm acquiring solar installation business WessexECO Energy for £2.5m and heat pump installation firm Igloo Works for an initial £1.75m.

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Meanwhile the company made a loss of £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 “a one-off loss” 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.

“Our 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.”