Good Energy Group PLC ("Good Energy" or "the Company"), an established renewable energy company supplying 100% renewable electricity and green gas to homes and businesses, and providing FIT services for renewable generators, today announces its trading update for the 10-month period to the end of October 2018.
The Board is pleased to confirm that, in the period, Good Energy has traded slightly ahead of management expectations with continued strong cash generation.
The Company has made good progress in delivering its strategic priorities since the announcement of its interim results through sustained business volume growth and continued investment in the new marketing campaign, customer services, IT capabilities and new product development.
Customer numbers have remained broadly flat in the period and we now have a 4* rating on Trustpilot, reflective of the significant investment made in our customer services team as we continue to improve our overall customer proposition. Billing performance remains at over 99% and customer debt and accrued income continue to be maintained at normalised levels. These continued process improvements have delivered a significant increase in cash and cash equivalents since the half year.
We continue to expect a full-year financial performance in line with market expectations assuming normalised consumption and weather for the remainder of the year, representing another year of good financial progress and delivery of our core strategic goals.
Juliet Davenport, Founder and Chief Executive Officer, said:
"We are delighted with the continued progress of the business and delivery of our core strategic objectives. The investment in our customer services team is having an immediate impact, reflected by the significant increase in our Trustpilot score since the summer.
The launch of our new marketing campaign comes at a time of increased awareness in both renewable energy and individuals looking for a way to make a difference. We believe that making it easier for people to choose clean energy is key to our long-term ability to tackle climate change as a nation.
Despite the challenges facing the energy sector, we are excited to continue our progress into 2019 and beyond as we look to make clean energy the natural choice for the population."
Good Energy Group PLC
Juliet Davenport, Chief Executive Tel: +44 (0)1249 766795
Charles Parry, Investor Relations
Investec Bank plc (Nominated Adviser)
Jeremy Ellis Tel: +44 (0) 20 7597 5970
Smithfield (Financial PR)
Tel: +44 (0) 20 3047 2543