Revenues and profits up at Good Energy

By Nicky Godding

27 March 2024

Share

The Business Magazine article image for: Revenues and profits up at Good Energy

Revenues were up 2.4 per cent at Chippenham-based renewable energy supplier Good Energy. Profits also rose to more than £44 million, up from just under £30 million last year.

The company said that gross profit and margins had increased due to a strong performance in the first half of last year and cost advantages from its power purchase agreements.

However, Good Energy saw a loss of £2 million at Zapmap, the app it owns which helps electric vehicle drivers locate their closest charging station.

Operational highlights for Good Energy last year included the acquisition of a heat pump business, solar installation company Wessex ECOEnergy and last month the company bought solar installer and wholesaler JPS Group, establishing solar and storage installation services across the south of England.

The company has now established itself as a microgeneration specialist, offering end-to-end solar and heat pump installation alongside tariffs and services to a premium segment of a rapidly growing market.

Nigel Pocklington, CEO, Good Energy Group plc, said: "Against a backdrop of continued volatility in the energy market, 2023 saw Good Energy undergo a transformation from pure renewable supply and Feed-in-Tariff administration to a fully-fledged clean energy services business.

"Following multiple acquisitions in the heat and solar space we can now offer customers premium services across supply, export, heat pumps, solar PV, storage and EV charging. Alongside this, we are now a leader in smart export for small scale solar and have trialled innovative flexibility services for businesses and consumers to shift their demand to cut their carbon further. Good Energy is establishing itself as the microgeneration specialist for the premium end of a rapidly growing market, offering everything a home or business needs to go greener, from a trusted brand with unparalleled expertise.

"Good Energy has had a strong financial performance in 2023 and we have a strong balance sheet to continue to invest in the future. We continue to see strong, sustainable growth in the clean energy services space which Good Energy is ideally positioned to capitalise on."

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.