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AIM-listed renewable energy specialist Good Energy (LON:GOOD) upped its pre-tax profits by 132.6% during 2018. Revenues rose by 11.9%, driven by strong business demand, extreme weather conditions, and planned price increases.
CEO Juliet Davenport commented: “A period of rapid change is underway in the UK energy market. The trends in both the competitive landscape and the continuing renewable energy revolution leave us extremely well-placed to succeed. In a year where more than a dozen UK energy suppliers went bankrupt, Good Energy has continued to deliver robust growth and cash generation – putting the business on a firm footing for the future.
The year ahead will be an important one for us, as we roll out our SMART meter programme. Technology is changing everyone’s relationship with energy. People want to know how much they consume in their home and their business – how much they consume, and how much their home-generation equipment shares with the grid. Your home can become a miniature power station, with the right equipment in place.
The growth of electric vehicles is bringing smart-grid technology to the fore. Our recent investment in Zap-Map accelerates our presence in that market. Good Energy will continue to focus on profitable, sustainable growth – led by supplying power to businesses, and supported by digital investments“.
Good energy’s share price rose by 6.84% to 101.50p (as of 14:15 GMT).