Customer numbers have continued to soar at Good Energy, the green energy firm, while its recent sale of new shares has brought in more than £3m for further growth.
In a trading update to the London Stock Exchange for the first six months of this year, the Chippenham-based firm said the 36% increase in customer numbers had been achieved against a competitive landscape.
Margins were in line with expectations while it had managed to improve the competitiveness of its domestic gas proposition.
The firm, which was launched 17 years ago and has traded on London Stock Exchange’s AIM market since 2012, has a target to increase customer numbers five-fold by 2020.
It generates 100% renewable electricity and carbon neutral gas to UK homes and businesses. During the period it also completed the sale of a 5MW solar site and achieved its highest-ever brand awareness of 6.7%.
Electricity customer meter points grew by 31% to 72,250 and gas customer meter points by 54% to 43,000.a
During the period it connected its latest 5MW solar farm in Dorset, increasing its generation portfolio to 52MW.
An additional 5MW is expected to be completed in the second half of the year.
Founder and chief executive Juliet Davenport said: “Good Energy has made a strong start to 2016 with customer meter points up 36% and our highest ever brand awareness.
“Customer advocacy and support has always been key to Good Energy’s success and we were delighted with the overwhelming uptake to our latest share offer with the majority of funds coming from our existing customers, shareholders and bondholders. This was our most successful share raise since we listed on AIM and we welcome our new shareholders to the Good Energy family."
“We continue to make rapid progress in delivering our strategic plan by investing in new systems. These systems will form the foundation on which our future growth will be built.”
The company said given current trading, continued growth in customer meter points and performance across the generation portfolio, it expected full-year results to be in line with expectations.
