Good Energy — H1 2024 Earnings Presentation
24 slides from Good Energy's earnings presentation, Sep 17, 2024
Slide 1: Interim results for the six months to 30 June 2024
Good Energy Group plc Interim results for the six months to 30 June 2024 17 September 2024
Slide 2: Agenda
Agenda Agenda Overview Nigel Pocklington, CEO 2 Financial performance Rupert Sanderson, CFO 5 Strategic update Nigel Pocklington, CEO 11 Q&A Nigel Pocklington, CEO Rupert Sanderson, CFO 1 © 2024 Good Energy.
Slide 3: Overview
Overview 2
Slide 4: Good Energy has transformed
Good Energy has transformed Renewable supply Generation Installation services Transport Truly 100% >181k customers Premium solar, Major investor in renewable power generating clean storage, EV app and data from over 2500 power through FiT charging and heat platform used by generators, three and smar
Slide 5: Snapshot of H1 2024
Snapshot of H1 2024 Financial performance Profitable first half of the year as market normalises, and promising indicators from consolidation with services. Good Energy is now offering Installation expansion premium whole greener home and business services Three acquisitions progressing to full gree
Slide 6: Financial performance
Financial performance 5 © 2024 Good Energy.
Slide 7: 2024 H1 profits return to a more normal level
Financial Performance 2024 H1 profits return to a more normal level as period of rapid growth and decline in wholesale markets and associated tariff stabilises H2 2022 -ve period +ve period -ve period “More Normal” § Escalating geopolitical situation drives poor returns. H1 2023 § Extraordinary marg
Slide 8: H1 2024 delivers 78% of 2023 full year PBT
Financial Performance H1 2024 delivers 78% of 2023 full year PBT. PBT phasing in 2024 returns to more normalised profile. Revenue reduces directly reflecting lower cost environment alongside HY 23 impacts of rightsizing portfolio £m HY 24 Reported % change • Revenue is heavily linked to wholesale co
Slide 9: PBT development – H1 2024
Financial Performance PBT development – H1 2024 Return to normal margin levels following 2023 H1 extraordinary returns. ECL provisioning levels reduce reflecting lower tariffs and wholesale costs. Expansion into energy services brings forecast additional costs in 2024. £m Impact includes previously
Slide 10: Cashflow statement
Financial Performance Cashflow statement Strong operational performance in a difficult market H1 2024 £6m of cash generated from operations reflecting good June 2024 £000’s (Unaudited) FY 2023 business performance in H1 2024. Cash generated from operations £6,036 £20,634 Proactive approach to cr
Slide 11: Capital allocation
Financial performance Capital allocation Substantially debt free with strong available cash balance of £34m. Further M&A in energy services to expand regional footprint. Invest in services focused on solar propositions. Interim dividend of 1.10p proposed (2023 Interim 1.00p). 10 © 2024 Good
Slide 12: Strategic update
Strategic update 11 © 2024 Good Energy.
Slide 13: Differentiated green supply
Strategic update Differentiated green supply • Continued derogation from the Ofgem price cap. • Highest rated Which? Eco Provider. • Uswitch Green Tariff Gold Standard. • ‘Excellent’ five-star TrustPilot rating. • Industry leading hourly matched renewable power for all half hourly business customers
Slide 14: Supportive policy environment
Strategic update Supportive policy environment 13 © 2024 Good Energy.
Slide 15: Whole greener home and business
Strategic update Whole greener home and business Business Home 14 © 2024 Good Energy.
Slide 16: One trusted provider across services
Strategic update One trusted provider across services • The leading exclusive export tariff in the industry offered to solar install customers at 40p/kWh. • 18% of solar sales to existing Good Energy customers – supply and FiT. Good Energy’s ‘whole greener home and business’ assures • 10% of solar c
Slide 17: Case studies
Case studies Visit goodenergy.co.uk/learn/green-home-stories and goodenergy.co.uk/business/insights-hub for “They understand the customer case studies and testimonials. technology, and then they explain the technology really clearly to us, because we’re not the “The first thing I did was I experts,
Slide 18: Product pipeline
Strategic update Product pipeline 2024 to date Delivery in next six to 12 months Export Export • +60k customers on smart export including FiT and non-FiT. • Digital experience enhancements including AI meter readings and data visualisation for businesses. • The top exclusive export tariff for solar
Slide 19: Zapmap
Strategic update Zapmap • Registered users maintaining +75% EV parc share of rapidly growing EV market. 1.2m BEV + 0.7 PHEV • Partnerships with major charge point operators, manufacturers, parking App downloads apps, government and local 1.6m authorities. • New features in premium including price fi
Slide 20: Good Energy is now a B Corp
Strategic update Good Energy is now a B Corp • Good Energy has now certified as a B Corp, the global standard for purpose led business, joining +8000 B Corps globally and +2000 in the UK. • The company’s impact score is 118.5 – minimum is 80 for certification, and 50.9 is the median. • To retain cer
Slide 21: Summary
Summary Cross-selling ‘whole greener home and business’ Policy tailwinds supporting growth in sector Services integrating into Good Energy brand The microgeneration specialist Innovating in flexibility with tariffs that are entering market Growth and cross sell opportunities with stake in leading di
Slide 22: Q&A
Q&A 21
Slide 23: Appendix
Appendix 22
Slide 24: Balance Sheet
Financial Performance Balance Sheet H1 2024 Strong operational performance Year End £m (Unaudited)3 FY 2023 Total Non-Current Assets £23.4 £17.8 Reduction in cash and cash equivalents largely reflects Inventories & Receivables £45.4 £46.9 strong collections and reduction in customer credit balance