REG - Good Energy Group - AGM trading update

Good EnergyAnnouncement

22/06/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230622:nRSV5150Da&default-theme=true

RNS Number : 5150D  Good Energy Group PLC  22 June 2023

         22 June 2023

 

Good Energy Group PLC

("Good Energy" or "the Company")

AGM trading update

Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity and energy
services provider, provides a trading update for 2023 to date.

The business has performed more strongly than planned in the first five months
of the year. Profit in the first half will be higher than expected driven by
falling and less volatile wholesale commodity costs. As expected, the second
half will be loss making given the interplay between hedged prices of power
and gas and current falling market prices.

Cash and restricted deposits at the end of May increased to £38m following
the strong profit performance and the timing of customer support receipts
under the Government support schemes. We therefore expect the majority of the
working capital upside to unwind in the second half of the year.

The Company is fully hedged for the third quarter of the year and over 50%
hedged for Winter 2023 across power and gas.

The Group has performed well in the year to date and the Board is optimistic
for the full year outturn.  At this point in time, the Board's expectations
for the full year remain unchanged.

The company will release interim financial results for the six-month period to
30 June 2023 on Tuesday 19 September 2023.

 

 

Enquiries

 Good Energy Group PLC                                                    Email: press@goodenergy.co.uk (mailto:press@goodenergy.co.uk)

 Nigel Pocklington, Chief Executive

 Charlie Parry, Director of Corporate Strategy & Investor Relations

 Ian McKee, Head of Communications

 SEC Newgate UK                                                           Email: GoodEnergy@secnewgate.co.uk (mailto:GoodEnergy@secnewgate.co.uk)
 Elisabeth Cowell / Molly Gretton                                         Tel: +44 (0)7900 248213

 Investec Bank plc (Nominated Adviser and Joint Broker)
 Henry Reast / James Rudd / Maria Gomez de Olea                           Tel: +44 (0) 20 7597 5970

 Canaccord Genuity Limited (Joint Broker)                                  Tel: +44 (0) 20 7523 4617

 Henry Fitzgerald - O'Connor / Harry Rees

 

About Good Energy www.goodenergy.co.uk (http://www.goodenergy.co.uk/)

Good Energy is a supplier of 100% renewable power and an innovator in energy
services. It has long term power purchase agreements with a community of 1,700
independent UK generators.

 

Since it was founded 20 years ago, the Company has been at the forefront of
the charge towards a cleaner, distributed energy system. Its mission is to
power a cleaner, greener world and make it simple to generate, share, store,
use and travel by clean power.  Its ambition is to support one million homes
and businesses to cut carbon from their energy and transport used by 2025.

 

Good Energy is recognised as a leader in this market, through green kite
accreditation with the London Stock Exchange, Which? Eco Provider status and
Gold Standard Uswitch Green Tariff Accreditation for all tariffs.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTDGGDLBUDDGXB