Good Energy Group PLC on Monday said investment opportunities and price rises drove its annual profit and revenue up.
The Wilshire, England-based supplier of 100% renewable power said its 2022 pretax profit had multiplied to £8.5 million from £1.8 million the year prior. Good Energy said this included a net £4.9 million recognised value of its Zap Map investment.
Revenue increased by 70% to £248.7 million from £146.0 million, driven by rising wholesale costs which have led to a rise in prices throughout the year as a result of the ‘knock-one effects’ of the Ukraine conflict, Good Energy explained.
The company declared a final dividend of 2.0 pence per share, an 11% increase from a final dividend of 1.8p per share in 2021, givign a total dividend of 2.75p per share, compared to 2.55p per share last year.
Looking ahead, Good Energy says trading for 2023 is in line with expectations, with ‘strategic milestones already achieved’ in the first quarter of the year. The company noted that its target customer opportunity in energy services is a £5 billion to £10 billion market, and will continue to focus on driving high margin, low capital intensity sales growth.
Chief Executive Officer Nigel Pocklington said: ‘As the UK’s second-biggest solar power payments company with more generator customers than supply, and which paid out a record amount to renewable generators in 2022, we are already the go-to energy company for solar generators.’
Shares were up 7.1% at 190.16 pence in London on Tuesday afternoon.
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