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Good Energy profits soar by 168 per cent, data shows

Rising wholesale costs have led to bumper revenue and profit at Chippenham-based renewable electricity supplier Good Energy.

Stock market figures published this morning (Tuesday) show revenue increased 45.6 per cent to £156.1 million in the six months to June 30, against £107 million during the same period in 2022.

Meanwhile gross profit increased by 168 per cent to £32.7 million for the same period – up from £12.2 million on the year before.

The figures mirror those of large energy firms including British Gas, EDF and Eon, which have all posted bumper profits for the first half of the year.

Good Energy told investors it had continued to expand the company’s services, acquiring solar panel business WessexECO Energy in June earlier this year for £2.5 million and launching a new tariff for solar customers.

Meanwhile, electric vehicle charging service Zapmap, of which Good Energy is a 49.9 per cent shareholder, reported a loss of £1.1 million but increased its registered users by 52 per cent to 683,000.

Good Energy CEO Nigel Pocklington said: “Good Energy has hit an inflection point in the past six months. The company is now more than an energy supplier, it’s a heat pump and solar installer with over 40,000 customers live on smart export tariffs.

“Combined with continued strong growth in Zapmap, we are delivering our strategy and well on our way to achieving our mission of helping one million homes and businesses cut their carbon.

“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.

“With its legacy as a truly renewable supplier serving one of the UK’s largest solar microgenerator customer bases, Good Energy is uniquely positioned to continue to launch and grow services that make it easy for customers to go green.

“Our goal is to be a one-stop solution for green-minded customers, offering a suite of products that help them reduce carbon, save money, and stay with us longer.

“By focusing on multiple product areas that function harmoniously, we aim to lower churn rates, cut acquisition costs, cross-sell services and boost the overall lifetime value of our growing number of customers.”

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