If you find this podcast useful please give it a rating and review on iTunes by clicking here
Nigel Pocklington, CEO of Good Energy discusses their final results and suggests investors should follow them as they are currently only valued at their cash level (£24.5m) plus their stake in Zap Map, even though they are profitable and are operating within the very high growth markets of green energy services.
Financial Highlights
· Revenue increased 70.3% to £248.7m (2021: £146.0m) driven by rising wholesale costs which have led price rises throughout the year.
· Profit before tax of £8.5m (2021: £1.8m) including net £4.9m recognised value on the Zap Map investment. Underlying PBT in the period was £3.1m with EBITDA of £4.4m.
· Following the recent funding round, Zap-Map has been deconsolidated from full year PBT figures, FY 2022 included a loss of £2.0m for Zap-Map and a revaluation uplift of £6.9m.
Operational highlights
· Successful execution on our strategy to transition to a leading green energy services company:
o Sale of 47.5MW generation portfolio in January 2022 for £21.2m to facilitate future investment and M&A.
o Acquisition of heat pump and solar installation business, Igloo Works, in December 2022, creating a new high margin revenue stream.
o Completed Zap-Map £9m series A fundraise with Fleetcor, valuing Zap-Map at £26.3m post money equity value.
o 63% increase in Zap-Map registered users to 550,000, reflecting continued strong growth in electric vehicle uptake.