Trading Statement

RNS Number : 5908H

Good Energy Group PLC

16 November 2018

 

Good Energy Group PLC

Trading update

Good Energy Group PLC ("Good Energy" or "the Company"), an established renewable energy company supplying 100% renewable electricity and green gas to homes and businesses, and providing FIT services for renewable generators, today announces its trading update for the 10-month period to the end of October 2018.

The Board is pleased to confirm that, in the period, Good Energy has traded slightly ahead of management expectations with continued strong cash generation.

The Company has made good progress in delivering its strategic priorities since the announcement of its interim results through sustained business volume growth and continued investment in the new marketing campaign, customer services, IT capabilities and new product development.

Customer numbers have remained broadly flat in the period and we now have a 4* rating on Trustpilot, reflective of the significant investment made in our customer services team as we continue to improve our overall customer proposition. Billing performance remains at over 99% and customer debt and accrued income continue to be maintained at normalised levels. These continued process improvements have delivered a significant increase in cash and cash equivalents since the half year.

We continue to expect a full-year financial performance in line with market expectations assuming normalised consumption and weather for the remainder of the year, representing another year of good financial progress and delivery of our core strategic goals.

Juliet Davenport, Founder and Chief Executive Officer, said:

"We are delighted with the continued progress of the business and delivery of our core strategic objectives. The investment in our customer services team is having an immediate impact, reflected by the significant increase in our Trustpilot score since the summer.

The launch of our new marketing campaign comes at a time of increased awareness in both renewable energy and individuals looking for a way to make a difference. We believe that making it easier for people to choose clean energy is key to our long-term ability to tackle climate change as a nation.

Despite the challenges facing the energy sector, we are excited to continue our progress into 2019 and beyond as we look to make clean energy the natural choice for the population."

Enquiries:

Good Energy Group PLC

Juliet Davenport, Chief Executive Tel: [phone]

Charles Parry, Investor Relations

Investec Bank plc (Nominated Adviser)

Jeremy Ellis Tel: [phone]

Sara Hale

Alexander Ruffman

Smithfield (Financial PR)

Alex Simmons

Tel: [phone]

Notes to editors:

·      Good Energy is a pioneering clean energy company, powering the choice of a cleaner, greener future together with its people, customers and shareholders. Having led the way in renewable energy development since 1999 in areas including small and larger scale wind turbines, solar panels, biogen and hydro, and now in technologies like battery storage and electric vehicles, Good Energy is making it easier for people and businesses to make renewable energy part of their lives.  

·      Good Energy powers homes and businesses with 100% renewable electricity from a community of over 1,400 UK generators and owns and operate two wind farms, including the UK's first commercial wind farm, and six solar farms. In addition, Good Energy offers a green gas product which contains 6% biomethane - gas produced here in the UK from food waste. To make it completely carbon neutral, emissions from the rest of the gas its customers use is balanced through supporting verified carbon-reduction schemes in Malawi, Vietnam and Nepal.

•      Established to tackle climate change and help deliver energy security for the UK.

•      Founded in 1999 by Juliet Davenport OBE.

•      A British company based in Chippenham, Wiltshire.

•      Good Energy's electricity comes from local, natural sources like sunshine, wind and rain.

•      In 2017 Good Energy's generation output was 87.6GWh (2016: 80.7GWh).

•      As at 30 December 2017, Good Energy had over 250,000 domestic and business customers.

Twitter: twitter.com/goodenergy

Facebook: facebook.com/goodenergy.co.uk

Instagram: Instagram.com/GoodEnergy

Website: https://group.goodenergy.co.uk/

 

END

 

 

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