17th Mar 2020 16:19
(Alliance News) - Good Energy Group PLC on Tuesday said profit took a hit from additional expenses in 2019, but it expects to report growth going forward amid improved demand.
The renewable electricity supplier reported pretax profit of GBP1.3 million from continuing operations for 2019, down 45% from GBP2.3 million a year earlier, amid non-underlying costs of GBP865,000, with no such costs recorded in 2018.
Revenue, meanwhile, grew 6.3% to GBP124.3 million during the year from GBP116.9 million.
Good Energy upped its full-year dividend by 5.7% to 3.7 pence from 3.5p paid a year ago.
"In 2019 Good Energy made great strides to stay ahead of the market in its transition towards innovative technology-based clean energy services," said Chief Executive Juliet Davenport, also the firm's founder.
Business supply customers saw significant growth of 33%, Good Energy said, largely driven by small & medium-sized enterprises growth, following increased investment across the sales team. Total business customers grew by 4.9% in 2019.
Overall customer numbers increased by 2.5% to 266,500 during the year, as the company said it continues to transition to higher volume business supply customers.
Looking ahead, Davenport said: "We will continue to focus on innovative solutions that hasten a cleaner, greener future. With our strong market presence, this is an exciting time for Good Energy's growth strategy."
AIM-listed Good Energy shares were trading 16% lower in London on Tuesday at 123.20 pence each.
By Evelina Grecenko; [email protected]
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