Good Energy: Half good, but chiefly better 


Takeover target Good Energy looks to be sailing untroubled through the unwanted attentions of rival Ecotricity, posting strong financial results today for the half year to June. 

New CEO Nigel Pocklington pointed today to strong performance underpinning the delivery of Good Energy’s key strategic milestones. Overall customer numbers rose 1.2% to 274,600, with business customers up 2.6% to 142,900. 

Business FiT customers increased 1.2% to 132,000, as the firm held to its intended position as a market leader in honouring its enduring FiT commitments. Total business supply customers rose to 10,800, up nearly a quarter.

Gross profit rose 19.4% to £17.7m year on year, with a gross profit margin nearly four points up, at 25.9%.  Underlying operating margin increased to 8.7% 

Reported profit before tax increased to £4.8m included non-underlying income of £0.8 million, associated with restructuring generation-related debt.

The supplier claimed to have pulled off the trick of balancing continued debt reduction, while maintaining investment across the business. Net debt fell almost imperceptibly to £36.4m. Gearing decreased by 0.7%, to 51.2%.  Gross cash halved to £9.0 million after the repayment of 70% of Good Energy Bond II in June for £11.9m. Reported earnings per share of 20.5 pence reversed last year’s loss of 6.6 pence

The firm installed over 19,000 smart meters in the half, with 22,000 planned by end 2021. Ensek, the firm’s business billing platform was integrated, offering a more digital service for business customers, with 100% of customers now migrated successfully.

New time of use tariffs for EVs were launched, enabling smarter consumption of electricity. 

Zap-Map, now with 250,000 registered users, and downloaded by a claimed 75% of Britain’s EV drivers, progressed. New commercial products included June’s subscription service, including in-car support via Apple Car Play and Android Auto.   A raft of new charging operators including GeniePoint,, Motor Fuel Group and Revive joined existing Zap-Pay facilitating networks ESB and Osprey.

A new fleet service EV fuel card is due for pre-Christmas launch with Fleetcor UK. 

CEO Pocklington enthused, “I’m pleased with the strong performance in the first half of 2021. Growth in revenue, profit and customer numbers has underpinned the delivery of key strategic milestones. I believe the Group is delivering good value for shareholders”.

‘Quis manet, Vince-it’? 

As a loyalty bonus, the integrated renewables-only retailer is offering investors an interim dividend of 0.75p, if or when the hostile offer from Dale Vince’s rival outfit lapses or is withdrawn.

Ecotricity admitted on 9 September that its four rounds of takeover offers up to 340 pence have secured less than 2% additional take-up of its Chippenham-based target’s shares.  After two months, Vince’s firm holds 27% of Good Energy’s equity, not yet enough to trigger a formal bid for the AIM-quoted target.

By 15:00 hrs, the supplier’s share price had barely moved, recording the firm’s value at £55.6 million. 


Please enter your comment!
Please enter your name here