REG - Good Energy Group - Trading Update

Good EnergyAnnouncement

28/11/2023 07:00

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RNS Number : 8245U  Good Energy Group PLC  28 November 2023

28 November 2023

Good Energy Group PLC

("Good Energy" or the "Company")

Trading update

Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity supplier and
energy services provider, issues a trading update for the 10 months to 31
October 2023.

Following a strong first half of the year, the Company's trading to the end of
October has been ahead of expectations. If seasonal normal weather and stable
commodity market conditions continue for the remainder of the year, Good
Energy expects to deliver earnings ahead of the Board's expectations for the
full year seeing a profit before tax of at least £4m.

Forecast loss in H2 2023 is now expected to be reduced, as weather conditions
through the early winter have been generally mild and renewable generation has
been stable, which has reduced gas consumption and softened short term market
prices.

 

Nigel Pocklington, Chief Executive Officer of Good Energy, said:

"This strong performance builds on Good Energy's progress in the first half of
the year.  A more stable wholesale energy market has helped our energy supply
business, whilst we have continued to make great strides in the roll out of
energy services to our customers.

"In the past six months we have launched new services for solar export,
flexibility and electric vehicle drivers. Good Energy has topped Which?'s
green energy rankings for the third year running, and we are the cheapest
energy supplier with a green exemption from the price cap - meaning customers
can get the greenest product at the best price.

"Our strong cash position means we can continue to invest in product growth
and strategic acquisitions, as well as providing a buffer for market
uncertainty.

"Good Energy's goal is to be the go-to for green-minded customers, and with
our growing suite of products alongside our trusted legacy in solar export and
renewable supply, we are uniquely positioned to achieve that."

 

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                                                 Tel: +44 (0) 20 7597 5970
 Canaccord Genuity Limited (Joint Broker)
 Henry Fitzgerald - O'Connor / Harry Rees                                  Tel: +44 (0) 20 7523 4617

 

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 over
2,000 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.

 

 

 

 

 

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