• Swindon & Wiltshire Eco
• Tuesday March 26 2024
• Author Name: Peter Davison

Profits up at Good Energy as it leads the field in microgeneration

Profits have soared at Chippenham-based renewable energy firm Good Energy, as the company positions itself as a specialist in clean energy microgeneration, including solar panels and heat pumps for homes and businesses.

In preliminary financial results published today (Tuesday) revenue was up to £254.7 million compared with £248.7 million last year.

Meanwhile, gross profits rose to £44.2 million from £29.9 million.

The group told investors that both revenue and cost of sales are expected to be significantly lower in 2024 reflecting lower wholesale costs and associated tariffs in the supply segment of the business.

This year is also expected to see a return to more normalised supply segment margin levels.

And the energy services segment will be a material driver of group profitability by 2025.

CEO Nigel Pocklington said: Against a backdrop of continued volatility in the energy market, 2023 saw Good Energy undergo a transformation from pure renewable supply and Feed-in-Tariff administration to a fully-fledged clean energy services business.

“Following multiple acquisitions in the heat and solar space we can now offer customers premium services across supply, export, heat pumps, solar PV, storage and EV charging.

“Alongside this, we are now a leader in smart export for small scale solar and have trialled innovative flexibility services for businesses and consumers to shift their demand to cut their carbon further.

“Good Energy is establishing itself as the microgeneration specialist for the premium end of a rapidly growing market, offering everything a home or business needs to go greener, from a trusted brand with unparalleled expertise.

“Good Energy has had a strong financial performance in 2023 and we have a strong balance sheet to continue to invest in the future.

“We continue to see strong, sustainable growth in the clean energy services space which Good Energy is ideally positioned to capitalise on.”

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