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Good Energy says it expects profits of £4 million this year

Renewable electricity supplier Good Energy has said it expects profits to be £4 million this year following a “strong first half of the year”.

In a trading update for the 10 months to October 31, the Chippenham-based renewable energy supplier said if seasonal normal weather and stable commodity market conditions continue for the remainder of the year profits will be higher than initially forecast.

In September the company reported revenue of £156 million for the six months to June – up 45 per cent on the first half of the previous financial year.

Profits after tax for the same period soared from £300,000 to £12 million.

The firm told investors today (Tuesday) that the mild early winter had reduced gas consumption and softened short term market prices.

CEO Nigel Pocklington 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.

“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.”

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