Financial Performance

Contents

Key Performance Indicators

Good Energy measures its progress against a number of key performance indicators (KPIs)
that align with our business.

In future we aim to start tracking multiple products per customer to reflect the full suite of services we now offer. Futher detail about the factors driving KPI performance is set out in the Chief Executive, Financial and Operating Reviews within this Strategic Report.

Operating margin (%)

Measures profitability as a proportion of revenue after operating costs.

Profit before tax (£m)2

Measures profitability before payment of corporation tax

Cash & cash equivalents (£m)

Measures the un-restricted cash and cash equivalents held by the business at a point in time

Total customer relationships (000’s)

Measures domestic, business, FiT supply and Zapmap registered users

Trustpilot rating

Measures customer satisfaction reviews Good Energy receives

Which? Eco provider status

Retention of our Which? Eco Provider ranking

Employee Engagement
  1. Reflects continuing underlying operations
  2. 2022 PBT was £9.2m but included a one-off revaluation benefit of £7.8m associated with Zapmap.
  3. We started measuring employee engagement with Best Companies in 2022.

At a glance

Why: To power a cleaner, greener future.

How: By making it simple to generate, use and share clean energy.
A transformation from renewable supply to renewable energy services

Acquisitions have enabled Good Energy Group to provide renewable heat, solar, battery and EV charging installation services.

We are an established microgeneration specialist – from Feed-in Tariff services and export payments to solar installations.

Flexibility, import and export tariffs underpin our technology offering to deliver carbon and cost savings for the customer.

Continued investment in market-leading app for EV drivers.

The investment case
  • Ideally positioned to benefit from UK policy drivers
  • Diverse business with multiple revenue streams
  • Exposure to high growth markets
  • Ongoing digitalisation will drive cross sell opportunities.
  • See our business model for more details.
Financial performance

Gross margin increase reflects recovery of margins as tariffs caught up with wholesale cost rises in 2022.

Profit before tax reflects recovery of margins in 2023 following
2022 wholesale price spikes1.

Cash and cash equivalents reflects strong profitable performance and a temporary increase in customer credit balances.2

Non-financial highlights
  • We now have over 1 million customer relationships, exceeding our 2025 ambition
  • In 2023 we launched an industry-first hourly renewable matching service
  • Innovative export product rollout transitioning +60,000 Feed-in Tariff customers to smart export
  • In 2023 we were ranked the 17th best large employer in the UK
  • Renewable electricity generated in 2023 saved 120k tonnes in carbon emissions, equivalent to planting a
    woodland the size of 150 football pitches
  • We achieved a Trustpilot rating of 5 stars – our best ever rating by customers
  • We retained accreditations for the sustainability of our energy services.
  1. Reported profit before tax of £5.7m compares with an underlying PBT of £1.4m in 2022. The reported PBT for 2022 was £9.2m and included a one off gain of £7.8m on loss of control of a subsidiary
  2. See page 35 of the 2023 Annual Report for further details.