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Good Energy Group boosted by strong cash generation, trading ‘slightly ahead’

Good Energy expects a full-year financial performance in line with market expectations, though it said the first ten months were slightly ahead of its own forecast.

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Customer numbers were said to be "broadly flat"

Good Energy Group Plc (LON:GOOD) told investors it has traded slightly ahead of management expectations and highlighted “continued strong cash generation”.

The company noted that customer numbers remained broadly flat in the ten month period to the end of October. Billings remained above 99% while customer debt and accrued income continue to be maintained at normalised levels.

It said that good progress had been made in regard to the company’s previously stated strategic priorities – which included sustained business volume growth and continued investment into the business.

READ: AFC Energy surges after upbeat review of the last 12 months

“Despite the challenges facing the energy sector, we are excited to continue our progress into 2019 and beyond as we look to make clean energy the natural choice for the population," said chief executive Juliet Davenport.

She added: “We are delighted with the continued progress of the business and delivery of our core strategic objectives.

“The investment in our customer services team is having an immediate impact, reflected by the significant increase in our Trustpilot score since the summer.

“The launch of our new marketing campaign comes at a time of increased awareness in both renewable energy and individuals looking for a way to make a difference. We believe that making it easier for people to choose clean energy is key to our long-term ability to tackle climate change as a nation.”

Good Energy told investors it expects a full-year financial performance in line with market expectations, assuming normalised consumption and weather for the remainder of the year.

Quick facts: Good Energy Group Plc

Price: 192.6 GBX

AIM:GOOD
Market: AIM
Market Cap: £32.05 m
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