Following strong operational performance in 2023, and reflecting their confidence in the ongoing business, Good Energy Group PLC recommend a final dividend for 2023 of 2.25p per ordinary share (2022 2.0p).
Good Energy continues to operate a scrip dividend scheme and the payment timetable of the final dividend will be announced in due course.
Other financial highlights include:
Revenue increased 2.4% in the period to £254.7m (2022: £248.7m) driven by the high commodity cost and cost of sale environment present at the start of 2023.
Reported gross profit increased 47.9% to £44.2m (2022: £29.9m). Gross margin increased to 17.4% (2022 12.0%). Gross profit and gross margin increased due to a strong H1 2023 performance and cost advantages from our power purchase agreements.
Reported profit before tax of £5.7m compares with an underlying PBT of £1.4m in 2022. This improvement reflects recovery of margins in 2023 following 2022 wholesale price spikes.
Good Energy recognised a loss of £2m in relation to its share of the losses recognised by Zapmap in the year.
Reported profit after tax for the period of £2.9m (2022: £8.6m, 2022 included a one off £7.8m valuation uplift related to Zapmap)
