Good Energy has reported an increase in revenue, surging by 45.6% to £156.1 million compared to the same period in 2022.
This growth was primarily attributed to rising wholesale energy costs, which prompted price adjustments throughout the year.
Unveiling its interim results for the first half of the year, the company also said the gross profit saw an impressive 168% rise, reaching £32.7 million with a gross profit margin of 20.9%, a leap from the 11.4% margin recorded in the first half of 2022.
This boost in profit can be attributed to the company’s robust performance in the first half of 2023 and the advantages derived from its power purchase agreements.
However, Good Energy anticipates a one-off loss in the second half of 2023 due to delayed commodity cost adjustments and tariff reductions.
Operating profit, which stood at £14.1 million, showed an increase from the previous year’s first-half loss of £0.5 million.
Nigel Pocklington, Chief Executive Officer of Good Energy, said: “Good Energy has hit an inflexion point in the past six months. The company is now more than an energy supplier, it’s a heat pump and solar installer with over 40,000 customers live on smart export tariffs.
“Combined with continued strong growth in Zapmap, we are delivering our strategy and well on our way to achieving our mission of helping one million homes and businesses cut their carbon.”
