Independent supplier Good Energy saw its profits soar by more than a third in 2016 as it continued to draw in new customers. A vertically integrated business model and “prudent hedging strategy” helped to shield the company from volatility in the short-term power market towards the end of the year, the company said in its financial results. Earnings before interest, taxation, depreciation and amortisation (EBITDA) jumped 39 per cent year-on-year to £10.1 million, and revenues rose by 41 per cent to £90.4 million. The supplier reported pre-tax profits of £1.4 million, up from £0.1 million in 2015. Good Energy finished 2016 with nearly a quarter million customers in total – a 13 per cent increase on the previous year’s end. Electricity customer numbers were up 5 per cent at more than 71,000 and gas customer numbers grew by 14 per cent to more than 44,000. Feed-in-tariff customer numbers increased by 18 per cent to around 133,000.
Utility Week 5th April 2017 read more »