Good Energy Group PLC AGM trading update (5150D)

TIDMGOOD

RNS Number : 5150D

Good Energy Group PLC

22 June 2023

22 June 2023

Good Energy Group PLC

("Good Energy" or "the Company")

AGM trading update

Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity and energy services provider, provides a trading update for 2023 to date.

The business has performed more strongly than planned in the first five months of the year. Profit in the first half will be higher than expected driven by falling and less volatile wholesale commodity costs. As expected, the second half will be loss making given the interplay between hedged prices of power and gas and current falling market prices.

Cash and restricted deposits at the end of May increased to GBP38m following the strong profit performance and the timing of customer support receipts under the Government support schemes. We therefore expect the majority of the working capital upside to unwind in the second half of the year.

The Company is fully hedged for the third quarter of the year and over 50% hedged for Winter 2023 across power and gas.

The Group has performed well in the year to date and the Board is optimistic for the full year outturn. At this point in time, the Board's expectations for the full year remain unchanged.

The company will release interim financial results for the six-month period to 30 June 2023 on Tuesday 19 September 2023.

Enquiries

 
 Good Energy Group PLC 
  Nigel Pocklington, Chief Executive 
  Charlie Parry, Director of Corporate Strategy 
  & Investor Relations 
  Ian McKee, Head of Communications               Email: [e-mail] 
 
 SEC Newgate UK                                   Email: [e-mail] 
 Elisabeth Cowell / Molly Gretton                 Tel: [phone] 
 
 Investec Bank plc (Nominated Adviser 
  and Joint Broker) 
 Henry Reast / James Rudd / Maria Gomez           Tel: [phone] 
  de Olea                                          5970 
 
 Canaccord Genuity Limited (Joint Broker)          Tel: [phone] 
  Henry Fitzgerald - O'Connor / Harry Rees          4617 
 

About Good Energy www.goodenergy.co.uk

Good Energy is a supplier of 100% renewable power and an innovator in energy services. It has long term power purchase agreements with a community of 1,700 independent UK generators.

Since it was founded 20 years ago, the Company has been at the forefront of the charge towards a cleaner, distributed energy system. Its mission is to power a cleaner, greener world and make it simple to generate, share, store, use and travel by clean power. Its ambition is to support one million homes and businesses to cut carbon from their energy and transport used by 2025.

Good Energy is recognised as a leader in this market, through green kite accreditation with the London Stock Exchange, Which? Eco Provider status and Gold Standard Uswitch Green Tariff Accreditation for all tariffs.

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June 22, 2023 02:00 ET (06:00 GMT)