Swindon & Wiltshire Business News

Electric vehicle boom could drive Good Energy forward

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The boom in sales of electric vehicles could drive profits and revenues at Chippenham-based renewable energy provider Good Energy.

That's the view of the firm's chief executive Nigel Pocklington.

The group published its interim results this morning (Tuesday), which show customer numbers, revenue, and profit are all on the up.

Revenue increased from £67.5 million to £68.4 million in the six months to June 30.

Gross profit was up by 19.4 percent to £17.7 million while profit before tax increased to £3.9 million.

And customer numbers increased by 1.2 percent to 274,600. An increase in business customers by 2.6 percent to 142,900 offset a slight decline in domestic customers, down 0.3 percent to 131,700.

The chief executive said: "Good Energy Group is a modern, digital energy company.

"Our core supply and Feed-in-Tariff business continues to grow whilst we now provide tech-driven, digital products and services in the electric vehicle and 'energy-as-a-service' space.

"I believe that this is an exciting time for the group to capitalise on the growing awareness of genuine green products and increasing adoption of EVs.

"We are ideally positioned to benefit from this trend, through our investment in Zap-Map, the UK's leading EV mapping service, and our own EV products and services."

The firm is currently the target of a hostile takeover by Westcountry rival Ecotricity.

In July, Ecotricity Group announced the terms of its cash offer for shares of Good Energy Group it does not already own at a price of 340 pence in cash per share.

The offer was "unanimously and unequivocally rejected" by the Good Energy board which advised shareholders to "take no action at this time".