Good Energy’s half-year revenues hit £61.8m

By Gill Harris on 28 September, 2018

Chippenham-based renewable energy firm Good Energy has announced half-year revenues of £61.8m, despite a challenging market.

The figures, for the six-month period to June 30, 2018, also reveal a profit before tax of £2.4m, up 223.1% on the same period in 2017, when it was £0.7m.

The company says the 18.8% increase in revenue – up from £52m in the first half of 2017 – was driven by supply volumes following extreme weather conditions at the start of the year; while gross profit increased 27.8% to £18.4m (H1 2017: £14.4m), driven by business and domestic gas volumes and the implementation of the domestic price rise earlier in the year.

Good Energy is a pioneering clean energy company which has led the way in renewable energy development since 1999. It supplies 100% renewable electricity and green gas to homes and businesses.

Founder and chief executive Juliet Davenport said it was a good set of results.

She said: “I believe this reflects the investment in the senior leadership team and the continued shift in our new business strategy as we move to align to our decentralised energy model of the future.

“We continue to roll out digital improvements and upgrades which is beginning to receive positive feedback from our customers on their experience of Good Energy.

“Our customer service is getting back on track and we continue to listen to our customers to help us improve our future service.”

Plans for 2019 include a new app and the rollout of SMART technology to customers.

Juliet said: “It’s an exciting time for Good Energy, with a large addressable market of business customers and the “eco worrier” householders who want to do their bit to stop climate change.  We have some great strategic partnerships beginning to take shape and innovative technology solutions being delivered, all of which provide us with strong growth opportunities for both the short term and the longer term.”

Good Energy’s electricity comes from local, natural sources like sunshine, wind and rain. It uses over 1,400 UK generators and owns and operate two wind farms, including the UK’s first commercial wind farm, and six solar farms. In addition, Good Energy offers a green gas product from gas produced here in the UK from food waste. To make it completely carbon neutral, emissions from the rest of the gas its customers use is balanced through supporting verified carbon-reduction schemes in Malawi, Vietnam and Nepal.

As of December 30 last year, Good Energy had over 250,000 domestic and business customers.

Pictured above: Juliet Davenport