Half Year 2024 Good Energy Group PLC Earnings Call Transcript
Key Points
- Good Energy Group PLC (LSE:GOOD) reported a strong profit for the first half of the year, only 23% shy of the full-year profit from last year.
- The company maintains a robust balance sheet with GBP40 million in cash, transitioning to an asset-light business model.
- The Board announced a 10% increase in the interim dividend to 1.1p.
- Good Energy Group PLC (LSE:GOOD) acquired JPS, expanding its footprint in heat, solar, and storage installations across southern England.
- The company is now an accredited B Corp, the only domestic supplier in the UK to achieve this certification, highlighting its strong environmental credentials.
- The energy market remains volatile, with a 10% increase in the off GEM price cap driven by fluctuating gas costs.
- The electric vehicle market has shown signs of slowing growth in registrations, creating some uncertainty.
- Despite positive interim results, the company had previously swung into a loss in the second half of last year due to the reversal of the energy crisis effects.
- The integration of newly acquired businesses, such as JPS, is still ongoing and may present operational challenges.
- The company faces external pressures from international market price movements, which could impact future profitability.
Today, we've announced our interim results and they show a strong profit for the first half of the year. I think it's probably worth unpacking because it compares against a period of abnormal profitability in the first half of 2023, just driven by the energy crisis that will happened last year is the business then swung into loss in the second half as those effects reversed.
And this time we've seen a much more normal, much more stable energy market, which gives us a much more normal pattern to our business so that the half year profit we've announced today is only 23% shy of the full-year profit we hit last year. So that's why the Board has been happy to reiterate guidance on our full year outlook.
There are a couple of other things in the results we should draw people's attention to. We are moving towards reporting our the Services division as a separate segment that will happen for the full year. But we've today been clear that that side of our business is growing. We've been in terms of the
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