Founded in 1999, the company’s mission is to transform the UK energy market by helping homes and businesses to be part of a sustainable solution to climate change. The company claims it is one of the few if not the only energy supplier in the UK which provides only renewable or green energy to its customers thus helping them reduce the use of fossil fuels and cut their carbon footprint by 50 per cent through switching their supply. All the electricity that Good Energy provides comes from over 1000 locations across the UK includes from people who generate renewable power in their own homes. It harnesses local. natural resources like sunshine wind, rain and biofuels. The company owns some solar and wind sites including Delabole Wind Farm in Cornwall. Woolbridge Solar Park in Dorset and Hampole Wind Farm in Yorkshire.
London: AIM (GOOD)
Financial Data from the Exchange Website: LSE Summary
Recent Financial Report: 2016 Annual Report
Good Energy had another good year despite demanding circumstances in 2016. Total customer meters numbers grew 13 per cent to 248,605 (2015: 219,479), with electricity customer meters growing 5 per cent to 71,486 (2015: 68,024), gas customer meters growing 14 per cent to 44,107 (2015: 38,838) and FIT customer meters up 18per cent to 133,012 (2015: 112,617).
Financially the group had a better year than the previous one. Profits before tax were £1.4million up from £1.4m in 2015.TaxRevenue grew by 41 per cent reflecting the addition of Big Deal customers in the second half of 2015 and continued growth in generation revenue. Underlying customer growth was steady at 13 per cent and gross margins remained strong at 30per cent. Total assets grew by 10 per cent reflecting the continued growth of the supply business. The Company had cash balances of £6.3m at the year end and borrowings were in line with 2015 levels at £61m.
Apart from the renewable energy sources mentioned above, the company has also invested in the planned Tidal Lagoon in Swansea Bay lagoon to further diversify its sources of renewable energy. It has also launched its carbon neutral green gas with 6 per cent of its gas coming from biomethane: gas produced from organic matter like manure and sewage. It is also looking at battery storage and other areas to diversify into and retains ambitious growth targets.
Tel: 0800 254 0000
Chairman: John Maltby
CEO: Juliet Davenport