Good Energy renewables sell-off provides key cash buffer

Good Energy made a pre-tax loss of £700,000 in the six months to end June 2022, compared to pre-tax profit of £4.8 million in the period in 2021, according to interim results published today. That included an £800,000 loss in the company’s Zap-Map EV charging app. Reported profit after tax was £800,000 (compared with £3.2 million in 2021).
However the company still had a cash buffer of £21.7 million at the end of the half-year (£9 million at that point in 2021) after the sale of its generation assets in January 2022 raised £21.2 million.
Revenue increased 57.4% to £107.6 million as it raised prices in response to rising wholesale costs.The green energy supplier, which as a small supplier is not subject to the price cap, raised its tariffs this year from an estimated annual dual fuel cost of £2230 in January to £2824 in June 2022. Domestic customer numbers increased by 2.6% to 86,600 but the company’s website now asks potential customers to switch at a later date.
Business customers fell 10% to 9,800 and Good Energy has launched a new product that matches supply demands directly with generators. It said, “This reduces our exposure to wholesale markets and allows our customers to know the exact provenance of the renewable energy”.
Chief executive Nigel Pocklington said: “Despite the pressures of the wider market, I am pleased with the resilient performance and continued delivery on our growth strategy during the period. We remain a substantially debt free business with a strong balance sheet, which is of benefit to all our stakeholders, and have taken tangible steps to invest in our future, in both new products for solar customers and supporting Zap-Map’s growth by powering electric vehicle drivers.”