10th Sep 2019 11:21
(Alliance News) - AIM-listed renewable energy supplier Good Energy Group PLC boosted its dividend Tuesday after interim profit and revenue grew despite "challenging" markets.
For the six months ended June, pretax profit widened 4.2% to GBP2.5 million from GBP2.4 million the year prior. This was after revenue rose 2.8% to GBP63.5 million from GBP61.8 million the year before.
"Continuing to deliver good financial results in this challenging market is a reflection of the strength of our strategy," Good Energy Chief Executive Officer Juliet Davenport said. "It indicates the potential for our recent investments to add long term value as we roll out new propositions, from smart metering to electric vehicle charging solutions, providing more energy services to our customers."
"In addition, the energy regulator Ofgem's recent decision to exempt Good Energy from the price cap provides validation of our model," Davenport added. "It is recognition that we support renewable generation across the UK and that our customers are choosing to be a part of that support."
Good Energy proposed a 1.1 pence per share interim dividend, up 10% from 1.0p the year prior.
"It is an exciting time for Good Energy as the market continues to undergo a significant period of change," Davenport continued. "The strategic partnerships and innovative technology solutions we are delivering now provide us with strong growth opportunities for a cleaner, greener future."
Shares in Good Energy were 3.1% higher at 151.50 pence in London on Tuesday.
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