Good Energy, the renewable energy company, has reported a 70% increase in revenue to £248.7m for 2022, driven by a surge in demand for its clean energy products. The company, which provides 100% renewable electricity to customers, also reported a rise in underlying profit before tax, from £1.7m in 2021 to £3.1m in 2022.

Results Interview with CEO Nigel Pocklington

In January, Good Energy completed the sale of its generation assets, which has resulted in a financially strong position for the company with a substantial reduction in debt.

This has provided Good Energy with the opportunity to invest in its green energy services proposition and contribute to the next phase of decarbonization. The company has a strong pipeline of new projects and a growing customer base, and has set itself ambitious targets for reducing carbon emissions, with a goal to be carbon negative by 2030.

Shares in Good Energy were up 2% in early trading on Tuesday, following the company’s positive revenue and profit results. Good Energy’s share price has risen by around 20% over the past year.

In addition to its focus on renewable energy, Good Energy has also been expanding through acquisitions. Last year, the company acquired Zap-Map, a leading provider of electric vehicle (EV) charging information and services, which saw a 63% increase in registered users during the period.  The acquisition enables Good Energy to expand its offering to EV customers and strengthen its position in the growing EV market.

In December, Good Energy completed the acquisition of Igloo Works, an established UK based heat pump installation business with capability for solar installs.  This acquisition also supported Good Energy’s ambition to help one million customers cut carbon by 2025, creating a new service in the clean, green heating space. The management expects to see further acquisitions in the domestic energy services space.

Good Energy’s substantially debt-free position and strong cash balance allow it to continue to invest for sustainable growth, including further acquisitions in energy services. Following a good operational performance in 2022, the board recommended a final dividend for 2022 of 2.0p per ordinary share, taking its full-year dividend to 2.75p (2021: 2.55p). The company’s focus on renewable energy and ambitious targets for reducing carbon emissions make it well-positioned for growth in the rapidly evolving energy market.