AIM-listed energy provider Good Energy Group (LON:GOOD) reported an underlying pre-tax loss for the half year ended 30th June with gross margins declining by 490 basis points due to shifts in business strategy. Revenues were up by 6.2%, driven by an increase in commercial customer numbers offsetting a fall in the domestic market.
CEO Juliet Davenport commented: “In the context of the COVID 19 pandemic Good Energy has delivered a strong performance in the first half of the year, with total customer numbers up, driven by continued business and Feed in Tariff growth.
“Amid economic uncertainty, Good Energy is financially and operationally resilient with a strong cash position.
“Despite the significant challenges over the past six months, we have made good progress with our strategy and continued to invest across the business – in the development of energy services propositions, innovation projects, our people, processes and technology“.
Shares in Good Energy sank by 8.91% to 171.25p (as of 15:20 BST).