Energy supplier Good Energy has cleared its debt as it has reported an 11.8% rise in revenues to £146 million for 2021.

Earnings however have taken a hit as gross profit decreased by 8.6% to £27 million and gross profit margin fell by 18.5%.

The company said these results were driven by an unprecedented energy crisis and a quadrupling of the wholesale prices.

In 2021, a total of 28 energy suppliers exited the retail market.

Last week, Ofgem gave written evidence to the Business, Energy and Industrial Strategy Committee stating that energy providers could receive up to £2.4 billion for taking on the customers of firms that have collapsed.

This cost will be recovered from customers’ bills.

In its annual financial report, Good Energy added that cash generated from its operations reduced 66% to £3.9 million.

In November, the company announced it would sell its 47.5MW renewable asset portfolio.

The energy firm plans to invest further in its electric vehicle (EV) mapping platform Zap-Map.

Nigel Pocklington, Chief Executive Officer of Good Energy, said: “Following the sale of our generation portfolio, we are now a substantially debt-free business with a strong balance sheet.

“We will continue to invest for the future, including in Zap-Map to accelerate the transition to EVs.

“Following a resilient performance in 2021 despite significant market challenges, we are focused on delivering on our exciting, new strategy – helping customers cut carbon and supporting the growth of renewable generation at a time it has never been more needed.”

Last month, the Wiltshire-based company announced its shareholders voted against Ecotricity‘s proposals on the future of its chairman and the sale of its renewable energy assets.