Good Energy Group PLC Trading Update (4923I)
03 December 2022 - 2:28AM
UK Regulatory
TIDMGOOD
RNS Number : 4923I
Good Energy Group PLC
02 December 2022
Good Energy Group PLC
("Good Energy" or "the Company")
Trading Update
Good Energy Group PLC (AIM: GOOD), the 100% renewable
electricity supplier and energy services provider, is pleased to
provide the following trading update for the year ending 31
December 2022.
The Company's trading to the end of October has been in line
with expectations. Conditions through the early winter have been
generally mild and windy, which has reduced domestic gas
consumption and softened short term market prices.
Risk management actions taken to manage the volatility
experienced in the wholesale energy markets throughout 2022 have
been successful to date. If these prevailing market conditions
continue for the remainder of the year, Good Energy is confident in
delivering in line with the Board's expectations for the full year.
The Company is 100% hedged on power and gas for the remainder of
this 2022/2023 winter, based on seasonal normal conditions.
Good Energy's balance sheet remains robust with cash and cash
equivalents as at the end of October of GBP21.2m.
Nigel Pocklington, Chief Executive Officer of Good Energy,
said:
"Against a challenging market and macroeconomic backdrop, we are
pleased to report that we are delivering in line with expectations,
remaining substantially debt free with a robust balance sheet. We
have also continued to execute on our growth strategy, taking
tangible steps to invest in our future and to build out our
decentralised energy services, and we remain confident that we will
deliver in line with the Board's expectations for the full
year.
"Whilst the war in Ukraine and resultant energy crisis remains,
demand for clean energy products continues to soar as customers
look for way to cut costs and gain control of their energy. Our
mission to help one million homes and businesses cut carbon from
their energy and transport use by 2025 remains on track."
Enquiries
Good Energy Group PLC Email: press@goodenergy.co.uk
Nigel Pocklington, Chief Executive
Charlie Parry, Head of Investor
Relations & CoSec
Luke Bigwood, Head of Communications
SEC Newgate UK Email: GoodEnergy@secnewgate.co.uk
Elisabeth Cowell / Molly Gretton Tel: +44 (0)7900 248213
Investec Bank plc (Nominated Adviser Tel: +44 (0) 20 7597 5970
and Joint Broker)
Sara Hale / Jeremy Ellis
Tel: +44 (0) 20 7523 4617
Canaccord Genuity Limited (Joint
Broker)
Henry Fitzgerald - O'Connor
About Good Energy www.goodenergy.co.uk
Good Energy is a generator and supplier of 100% renewable power
and an innovator in energy services. It currently owns two wind
farms, six solar farms and sources electricity from a community of
1,600 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 support UK households and businesses
generate, store and share clean power.
Good Energy is recognised as a leader in this market, through
our green kite accreditation with the London Stock Exchange and as
the only energy supplier with Gold Standard Uswitch Green Tariff
Accreditation for all tariffs.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTBKBBBPBDDPBK
(END) Dow Jones Newswires
December 02, 2022 10:28 ET (15:28 GMT)
Good Energy (LSE:GOOD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Good Energy (LSE:GOOD)
Historical Stock Chart
From Apr 2023 to Apr 2024