• Swindon & Wiltshire M&A, deals
• Friday March 28 2025
• Author Name: Peter Davison

Good Energy celebrates ‘strong’ performance as it prepares for takeover

Chippenham-headquartered renewable energy supplier Good Energy has reported a ‘strong’ full-year performance ahead of its takeover by a Dubai-headquartered company.

In unaudited results for the 12 months ending December 31, 2024 issued today (Friday) the firm reported profit before tax of £6.6 million – up 16 per cent on 2023.

Revenues fell to £180.1 million from £254.7 million the year prior, which the firm attributed to externally driven commodity costs.

Cash stood at £28.6 million – down from £41.3 million in 2023 – after the firm went on the acquisition trail, buying solar installer Amelio Enterprises for £6 million and power storage firm JPS Renewable Energy for £7 million.

CEO Nigel Pocklington said: “As Good Energy embarks on a new chapter, we can report another strong year both financially and strategically.

“2024 saw the business make three further acquisitions, significantly scaling our services for solar installation across the nation.

“We continued to innovate in flexibility and market leading tariffs, maintaining our commitment to truly green supply.”

Chairman Will Whitehorn added: “We have witnessed this business go through a transformation, from not only green supply but also energy services.

“Today, in addition to being what I believe is the UK’s greenest energy supplier, it is developing a leading position in solar, battery and heat pump installation.”

Good Energy shareholders accepted a £100 million takeover deal by UAE-based Esyasoft two weeks ago.

Esyasoft is ultimately controlled by the Abu Dhabi International Holding Company, an investment company chaired by Sheikh Tahnoun bin Zayed al-Nahyan – a member of Abu Dhabi’s ruling family.

While the parent company is involved in drilling for oil and gas, Esyasoft focuses on power distribution technology.