Financial reports

Robust performance in a competitive market

“In 2016, Good Energy delivered growth of 41% in revenue, 29% growth in gross profit and 41% growth in operating profit while managing the challenges of an increasing competitive UK energy market and volatile wholesale energy market.”

“By being a customer focussed organisation, Good Energy has created a business model that is delivering financial returns for our shareholders, allowing us to invest in our people and systems, and deliver on our purpose.”

“Securing power is a key focus for Good Energy as the Company continues to grow, and today I am pleased to announce our partnership with DONG Energy to source offshore wind power for our customers for the first time.”

“Good Energy has seen significant growth in customer numbers and financial scale over the last five years and has maintained its gross margin and customer satisfaction throughout this period. 2017 is an exciting year as we look to complete the implementation of the new customer information and billing system. This allows the Company to grow its customer base, explore different marketing channels for growth and provide a platform to launch new products and deliver economies of scale, driven by a deep understanding of our customers and focussed on ensuring we offer them great long term value.”

“There are opportunities to deliver further efficiencies in both its costs to serve and in our overhead costs, by simplifying our processes and structures and this will be a strong focus for 2017. The Company has recently completed a strategic review of its operating model and the senior leadership structure required to support it. This impacts on the requirement for some senior roles and will mean that David Brooks, Managing Director – Supply, will leave Good Energy on April 7th. We would like to thank David for the significant contribution he has made since joining Good Energy and wish him all the best.”

“I would like to thank everyone at Good Energy for their hard work and support in 2016, and look forward to working with you all in 2017.”

Juliet Davenport OBE, Chief Executive

Good Energy, AIM listed renewable electricity supplier and generator, announces its unaudited preliminary results for the 12 months ended 31 December 2016.

 

Year ended 31 December

2016

2015

Change

Revenue

£90.4m

£64.3m

41%

Gross Profit

£27.5m

£21.3m

29%

EBITDA

£10.1m

£7.3m

39%

Profit before tax

£1.4m

£0.1m

+£1.3m

Cash balance

£6.3m

£4.8m

+1.5m

Net debt

£52.2m

£54.0m

-£1.8m

Basic (loss)/earnings per share

9.1p

(1.4p)

+10.5p

Final dividend per share

2.3p

2.3p

No change

Full year dividend per share

3.3p

3.3p

No change