Revenues have increased more than five per cent to £130.6 million at Chippenham-based renewable energy supplier Good Energy. The growth was driven by business supply and FIT (feed in tariff) customers, more than offsetting a decline in domestic supply customers.
Gross profit fell 6.6 per cent to £29.6 million, which the company says is in line with its strategic shift towards the longer term, lower gross margin business supply and selling back excess contracted power, and high network reconciliation costs.
Juliet Davenport, Founder and Chief Executive Officer of Good Energy, said:”Good Energy has shown strength and weathered the COVID 19 storm well. Total customer numbers are up, driven by continued business and Feed in Tariff growth. Despite the obvious challenges that 2020 brought, Good Energy has remained financially and operationally resilient with a strong cash position.
“We have made good progress with our strategy and continued to invest across the business – in the development of energy service propositions, innovation projects, our people, processes and technology.
“The economy is now opening up, consumer and business confidence is returning with an appetite to ‘build back greener’. With our solid business performance and a clear strategy supporting us, Good Energy is in a great place to provide the products and services that people and businesses need to help them achieve net-zero.”