Good Energy has reported a significant increase in gross profit for the twelve months ending 31st December 2023.
The company’s gross profit surged by 47.9% to £44.2 million from £29.9 million in the previous year, with a gross margin of 17.4% compared to 12.0% in 2022.
This growth was primarily driven by a strong performance in the first half of 2023 and cost advantages from power purchase agreements.
Reported profit before tax stood at £5.7 million, reflecting a notable improvement from an underlying profit before tax of £1.4 million in 2022, as margins recovered from wholesale price spikes seen in the previous year.
However, reported profit after tax declined to £2.9 million compared to £8.6 million in 2022, which included a one-off valuation uplift related to Zapmap.
Nigel Pocklington, Chief Executive Officer, Good Energy Group plc, said: “Against a backdrop of continued volatility in the energy market, 2023 saw Good Energy undergo a transformation from pure renewable supply and Feed-in-Tariff administration to a fully-fledged clean energy services business.
“Following multiple acquisitions in the heat and solar space we can now offer customers premium services across supply, export, heat pumps, solar PV, storage and electric vehicle charging.
“Alongside this we are now a leader in smart export for small scale solar and have trialled innovative flexibility services for businesses and consumers to shift their demand to cut their carbon further.”
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