Renewable electricity supplier Good Energy has seen its profit margins cut as its rising prices were unable to keep pace with “rapidly increasing” wholesale costs.
The Wiltshire-headquartered company reported a 70% rise in revenue to £248.7m for last year - up from £146m in 2021. Bosses at the AIM-listed firm said the “knock on effects” of the war in Ukraine had meant it had been forced to pass on costs to customers, in what they said had been an “enormously challenging year” for the energy sector.
While its gross profits rose to £29.9m - up 10% from a year earlier - Good Energy said underlying margins had dropped from 18.5% to 12% over its last financial year.
