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Highlights
- With continued growth in electric vehicle uptake, GOOD Energy Group aims to strengthen its position in the potential £5 to £10 billion growth market in clean energy technology installations.
- Its revenue was 70.3% higher year-on-year in FY22.
- GOOD acquired Igloo Works, the heat pump and solar installation business, in December 2022, creating a new high margin revenue stream.
- The firm's total dividend per share grew around 7.8% YoY during FY22.
An innovator in energy services, Good Energy Group PLC (LSE:GOOD) is an FTSE AIM All-Share index listed supplier of 100% renewable power. The company has inked long-term power purchase agreements with a group of 1,700 independent generators in the United Kingdom.
The company has reported a favourable turnaround from reporting a negative earnings per share during FY21 to delivering a positive earnings per share in fiscal year 2022. Its revenue 70.3% higher year-on-year in FY22, thanks to the increasing wholesale costs that have triggered price hike throughout the year.
On the profitability front, GOOD has reported profit after tax of £9.2 million in FY22. Its total dividend per share grew around 7.8% year-on-year (YoY) in FY22. The firm has announced to pay a final dividend of 2.00 pence per share next month.
Also, GOOD has secured a new high margin revenue stream by acquiring Igloo Works, a heat pump and solar installation business, last year in December.
Bright future prospects
With continued growth in electric vehicle uptake, the renewable energy company aims to strengthen its position in the potential £5 to £10 billion growth market in clean energy technology installations and build a robust network of climate conscious customers. So far, there has been a surge of about 63% in registered users of Zap-Map during FY22, taking the total to 550,000. Going forth, the company has plans to install 12,000 heat pumps by 2026.
GOOD has completed the sale of 47.5MW generation portfolio in January 2022 for £21.2 million to boost its merger and acquisitions (M&A) activities.
Moreover, the launch of new smart export tariff will expand the company's decentralised energy services offering. Overall, the company will steer ahead on its strategy to emerge as a prominent green energy services company.
Top 10 Shareholders
The top 10 shareholders collectively form ~55.67% of the total shareholdings. Ecotricity Group Limited holds the maximum number of shares with ~28.11% shareholding, followed by Edwards (Martin John) with ~8.44% shareholding, as depicted in the chart below.
Stock Price Performance
GOOD shares have witnessed a decline of ~12.8% in the last one month and over the last three months, the stock has increased by ~7.9%. It has a 52-week low and 52-week high of GBX 143.50 & GBX 297.80, respectively and is currently trading lower than the average of 52-week high-low.
(Data Source: EODHD/Others, Analysis done by Kalkine Group)
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 07 June 2023. The reference data in this report has been partly sourced from EODHD/Others.
