Profits surge at clean energy firm as international market stabilises

Renewable energy firm Good Energy saw profits surge as a result of a return to normality in the wholesale market.

The Chippenham firm has announced preliminary results for the last 12 months.

Good Energy said revenues increased 2.4% in the period to £254.7m driven by the high commodity cost and cost of sale environment present at the start of 2023.

Reported gross profit increased 47.9% to £44.2 and reported profit before tax of £5.7m compared with an underlying PBT of £1.4m in 2022.
The improvement is a reflection of the recovery of margins in 2023 following the wholesale price spikes seen in 2022.

Good Energy also recognised a loss of £2m in relation to its share of the losses recognised by Zapmap in the year.

In just over 12 months the company successfully completed three acquisitions, enabling Good Energy to offer heat, EV charging and solar installation services.

Trading in 2024 has started in line with management expectations. 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.

Chief executive 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.”