Tuesday 10 September 2019 6:08 pm

Good energy positioned to adapt as market moves

Good Energy today said it was positioned to win more business in a rapidly changing energy market, as it spent the first six months of the year paying down debt.

Profit before tax at the energy supplier rose eight per cent in the first half of the year to £2.5m, the company said.

Meanwhile the company took a 31 per cent chunk out of its net debt, reducing it to £35.5m.

“Continuing to deliver good financial results in this challenging market is a reflection of the strength of our strategy. It indicates the potential for our recent investments to add long term value as we roll out new propositions,” said chief executive Juliet Davenport.

“As energy switches from ‘supply’ to ‘share’, we are ideally positioned, having helped homes and businesses share clean power through our innovations over the last 20 years.”

Revenue rose 2.8 per cent to £62.5m.

The strong results, which helped drive up shares by 5.4 per cent, were buoyed by growth in the supply of small and medium-sized businesses.

But the company warned that the domestic supply market was less electric, with a drop in customer numbers.

The company, which provides pure renewable electricity, said it sees opportunities as the drive to reduce emissions has become louder on the political scene.