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Good Energy profits soared in 2013 on rising customer numbers and the sale of solar sites, the green energy supplier announced on Monday.
Turnover increased 43 per cent from 2012 to £40.4 million. Earnings before interest, tax, amortisation and depreciation rose by 85 per cent to £5.0 million.
The supplier benefitted from a spurt in switching to hit 40,000 electricity and 15,000 gas customers by the end of 2013. It also saw a 28 per cent growth in small-scale renewable generators using its administrative services, to 59,000.
The company raised £15 million in an over-subscribed bond issue and £2.7 million of equity to fund further expansion. It plans to own more than 110MW of renewable electricity generation by 2016.
Good Energy sold solar sites totalling 40.5MW and got planning consent to build another 100MW of solar parks as well as continuing to develop windfarm sites.
Juliet Davenport, chief executive, said: “We are out-performing Britain’s energy market, with customer numbers rising 32% as more than 100,000 households, businesses and renewable energy generators opt for Good Energy’s electricity, gas and feed-in-tariff services. The company has exceeded market forecasts, improved its margins, expanded generating capacity and maintained its focus on customer service.”
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