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.”
The company has been pivoting towards becoming an “energy services business” 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 £21.2m.
