Green energy firm predicts profits of £4m for the year

Green energy supplier Good Energy Group says trading is ahead of expectations in the first half of the year.

The Cirencester based  renewable electricity supplier and energy services provider, has issued a trading update for the 10 months to the end of October.

Following a strong first half of the year, the company’s trading to the end of October has been ahead of expectations.

If seasonal normal weather and stable commodity market conditions continue for the remainder of the year, Good Energy expects to deliver earnings ahead of the  board’s expectations for the full year seeing a profit before tax of at least £4m.

Forecast loss in the second half of the year is now expected to be reduced, as weather conditions through the early winter have been generally mild and renewable generation has been stable, which has reduced gas consumption and softened short term market prices.

Chief executive 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.”

He added: “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.”