Nigel Pocklington of Good Energy: Value and Growth are just two reasons to follow us
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Nigel Pocklington, CEO of 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.
Disclaimer & Declaration of Interest
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