Renewable electricity supplier Good Energy has said following a "strong first half of the year" it predicts trading to be ahead of expectations.
In a trading update, for the 10 months to October 31, the Wiltshire-based energy services provider said 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.
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In September the 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
In its update on Tuesday (November 28) Good Energy said forecast loss in in the second half of 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 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."
Mr Pocklington added: "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."