Good Energy Group reports strong results for the six months to the end of June and continued demand for its 100% renewable electricity.
Revenue rose 40% to £45.6m (H1 2015: £32.6m), reflecting continued customer growth, the sale of Wrotham Heath and growth in generation from additional sites connected over the period and the benefit of a full period of generation on 18.3MW of assets.
Gross profit increased 50% to £15.3m (H1 2015: £10.2m), reflecting the sale of Wrotham Heath and an improved margin in the supply business.
Profit before tax up 164% to £1.4m (H1 2015: £0.5m), including a £0.5m profit from the sale of Wrotham Heath.
EBITDA was up 72% at £6.2m.
Chief executive Juliet Davenport said: ""As our continued customer growth demonstrates, UK consumers are increasingly moving away from fossil fuels and choosing Good Energy, with its award winning customer service and dedicated focus on 100% renewable electricity.
"We continue to invest in the Company as we build our digital capacity and we expect that the first stage of our system investment will be completed before the end of the year. Additional roll outs will occur across the Company in 2017. We feel optimistic about the opportunities this investment provides as the UK energy market transitions to SMART.
"Our strong results supported by our recently oversubscribed share offer, investment in systems and continued focus on internal efficiencies, innovation and customer service excellence will help Good Energy successfully meet the changing demands of the UK energy market.
"The outlook for the remainder of the year remains positive and we remain confident of achieving the market's full year expectations."