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03 September 2007
GOOD ENERGY GROUP INTERIM RESULTS
The Board of Good Energy, the PLUS quoted carbon solutions specialist,
announces today Interim Results for the half year to 30 June 2007.
FINANCIAL HIGHLIGHTS
* Turnover up to GBP 6,329,369 (2006: GBP 5,351,263);
* Profit Before Tax up to GBP 115,486 (2006: loss of GBP 159,589);
* Gross Profit up 94% to GBP 1,400,885 (2006: GBP 720,151); and
* Improvement in all operating criteria.
CORPORATE HIGHLIGHTS
* 7TH year of continuous customer growth;
* Monkton Group PLC, the holding company of Good Energy Ltd and Good Energy
Generation Ltd, re-brands to Good Energy Group PLC (July);
* Increase in electricity sold (MWh) to 54,416 (2006: 52,336);
* CO2 saved (metric tonnes) up to 23,399 (2006: 22,504);
* Launch of wind planning consultation (August);
* Good Energy hosts the third Delabole Wind Fair (August); and
* Appointment of specialist financial PR and IR agency (August).
Commenting on today's news, John Sellers, Chairman, said: "Good Energy has
continued to develop its brand in the UK market for products which provide
households and businesses with simple, significant and immediate solutions to
their impact on Climate Change. As long as the Group can maintain its margins
at their present level, it is likely that in the absence of unforeseen
circumstances, Good Energy's financial results will continue to improve."
THE DIRECTORS TAKE RESPONSIBILITY FOR THIS ANNOUNCEMENT
ENQUIRIES:
GOOD ENERGY GROUP PLC +44 124 976 6090
JULIET DAVENPORT
WWW.GOOD-ENERGY.CO.UK
BISHOPSGATE COMMUNICATIONS LTD. +44 207 562 3350
DOMINIC BARRETTO
JENNI HERBERT
GOODENERGY@BISHOPSGATECOMMUNICATIONS.COM
CHAIRMAN'S STATEMENT
I am pleased to report to shareholders today on the Company's results for the
half year to 30 June 2007, reflecting a period of restoration of margins and
profitability.
On 10 July 2007 Good Energy Group PLC changed its name from Monkton Group PLC.
Good Energy has continued to develop its brand in the UK market for products
which provide households and businesses with simple, significant and immediate
solutions to their impact on Climate Change. Its principal product is
electricity provided from 100% renewable sources.
OPERATING PERFORMANCE
Good Energy has enjoyed a period of relative operational stability in the first
half of the year compared with the disruption in 2006 resulting from the
cancellation of the Company's principal outsourcing contract and the need
therefore rapidly to establish a number of major operating functions in house.
For all intents and purposes, the company is now self-sufficient and in a
better position to resume growth.
Customer numbers increased by 18.5% from June 2006, but we are observing a
decrease in average consumption per customer so that electricity supplied was
up only 4.0%. It is likely that this is a welcomed and anticipated response to
the call for more efficient nationwide energy consumption, a trend which we
expect to continue.
FINANCIAL RESULTS AND PROSPECTS
The Board has resolved to improve the profitability of the Group following the
poor results for the first half of 2006. Gross margin has improved to 22.1%
(2006: 13.5%) on sales revenue which itself is up 18.3%, and is the main reason
for the GBP 275,075 improvement in Pre Tax Profit to GBP 115,486 for the six
months ended 30 June 2007.
For the twelve months ended 30 June 2007, Group pre tax profit (unaudited) was
GBP 307,938. We have undertaken a complete review of all our operating
procedures against the service quality inherent in the Good Energy Brand, and
consider that we now have the right level of Administration resources to
support the business. As long as the Group can maintain its margins at their
present level, it is likely that in the absence of unforeseen circumstances,
Good Energy's financial results will continue to improve.
John Sellers
Chairman
3 September 2007
Monkton Group PLC
Consolidated Profit and Loss Account
For the 6 months ended 30 June 2007
6 months 6months 12months
to to to
30/06/07 30/06/06 31/12/06
GBP GBP GBP
Turnover 6,329,369 5,351,263 11,111,678
Cost of sales (4,928,484) (4,631,112) (9,278,448)
-------------------------------------
Gross Profit 1,400,885 720,151 1,833,230
Administrative expenses (1,222,997) (856,403) (1,737,927)
-------------------------------------
Operating profit / (loss) 177,888 (136,252) 95,303
Interest receivable 16,375 15,856 20,739
Interest payable (78,777) (39,193) (83,179)
-------------------------------------
Profit on ordinary activities / 115,486 (159,589) 32,863
(loss) before taxation
Taxation 1 (331) 36,748 59,262
-------------------------------------
Profit on ordinary activities / 115,155 (122,841) 92,155
(loss) after taxation
-------------------------------------
Profit and loss reserve
brought forward 578,381 486,226 486,226
Profit/loss in the year 115,155 (122,841) 92,155
-------------------------------------
Profit and loss reserve carried forward 693,536 363,385 578,381
-------------------------------------
Earnings / loss per share Basic 2 2.0p -2.1p 1.6p
Diluted 1.7p -1.8p 1.4p
Note 1: The taxation charge for the 6 months is based on the
Directors' estimate of the likely charge at the year-end; this is
estimated after taking informal advice from our taxation advisers.
Note 2: The weighted average number of shares in issue for the half year to
30 June 2007 was 5,862,267 (for the half year ended 30 June 2006 5,862,267
and 5,862,267 for the full year 2006).
The number of shares in issue is as prescribed in UTIF 38.
The financial results for the 6 months ended 30 June 2007 and the 6 months
ended 30 June 2006 are un-audited and have not been reviewed by our auditors.
NOTES TO EDITORS
Good Energy Group PLC operates in the Renewable Electricity market. It is the
holding company of Good Energy Ltd and of Good Energy Generation Ltd.
Electricity sold to customers by Good Energy is matched 100% (over 12 month
periods) by purchases from wholly renewable sources including wind power, sun
and naturally falling water. The Company submits itself to verification by a
Top 10 firm of Chartered Accountants to give customers the assurance that such
is the case.
Good Energy Ltd has over 22,500 customers including business customers, is
regulated by OFGEM and has a Supply Licence to operate in England, Wales and
Scotland. Good Energy Ltd also operates a home renewable electricity
generation scheme where the Company undertakes to buy the output from
small-scale renewable generation plants installed on private premises.
Good Energy Generation Ltd is the Group's acquisition vehicle for renewable
generation assets. It acquired a 4MW wind farm in 2002 which supplies part of
Good Energy's needs. More acquisitions are being sought to support Good
Energy's growth.
The Group is based in Chippenham, Wiltshire and commenced operations in
1999. In July 2004, prior to its introduction to PLUS-quoted, Good Energy
Group PLC completed its second public offer of shares, which raised GBP
1,028,225 of new funds. It has around 1,180 shareholders, nearly all of whom
are Good Energy customers.
ENDS
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