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Good Energy sees ‘first signs’ of pick-up in demand; underlying profit meets expectations

Renewable electricity supplier Good Energy reported that underlying profitability in the year to date had been in line with management’s expectations and said it had started to see the ‘first signs’ of pick-up in demand. A range of ‘planned efficiencies and management initiatives,’ offset the short-term gross margin impact resulting from wholesale energy price reductions, leading to an underlying profit performance in line with the board’s expectations, the company said. Good Energy also said it was starting to see the first signs of increased demand pick up in some half hourly business segments, following weakness in prior months. ‘Overall demand within the energy supply segment remained lower in June, in line with April and May, with an increase in domestic supply largely offset by a decrease in SME volumes, with half hourly business volumes also remaining below normal,’ it added.