Good Energy Group PLC COVID-19 Update, Annual Report & Notice of AGM (8913O)
June 04 2020 - 1:00AM
UK Regulatory
TIDMGOOD
RNS Number : 8913O
Good Energy Group PLC
04 June 2020
Good Energy Group PLC
COVID-19 Update
Publication of Annual Report
& Notice of AGM
Good Energy Group PLC, the 100% renewable electricity supplier
and innovative energy services provider ("Good Energy" or "the
Company"), today announces an update on COVID-19 and its final
dividend, that its Annual Report and Accounts for the year ended 31
December 2019 has been published online and will shortly be posted
to shareholders, and that its Notice of Annual General Meeting has
been posted to shareholders and published on the Company's
website.
COVID-19 Update:
We have seen no significant financial impact from the
coronavirus (COVID-19) outbreak to date. The Company started the
period with a strong cash position and this has been maintained,
due to:
-- Our diverse Domestic and Commercial supply bases; whilst
near-term overall demand has decreased and pricing patterns have
shifted, cash collection to date has remained in line with normal
seasonal expectations;
-- Pro-active actions to mitigate any potential short-term cashflow issues; and
-- Successful business continuity execution.
We continue to monitor the situation very closely while planning
for a range of scenarios including changes to current government
guidance or policy.
Operationally, the Kraken customer service system implementation
and associated operating model transformation is progressing as
planned, with almost two thirds of our customers now successfully
migrated onto the new platform.
Furthermore, our generation assets continue to perform well,
with above average output so far in 2020.
The Board has a progressive dividend policy, recognising the
importance to our shareholders of the dividend as part of their
overall return. However, in light of the ongoing COVID-19 pandemic
and ongoing focus on prudent cash flow management, the Board of
Directors has decided to defer the final dividend previously
announced. The Board has also taken the same action with regards to
the 2019 employee bonus.
The Board will review this position following the publication of
our interim results in September 2020, but notes that payment would
only be made after careful consideration of both the Company's
liquidity position at that time and the wider economic outlook as
households and businesses emerge from the pandemic.
Annual Report:
The Annual Report and Accounts for the year ended 31 December
2019 has been published online and will shortly be posted to
shareholders.
The Annual Report and Accounts is available online at:
https://group.goodenergy.co.uk/home/default.aspx
Notice of Annual General Meeting:
The Notice of AGM has been posted to shareholders. The Company
will be holding a closed AGM on 30 June 2020 at 4pm at the
Company's offices, in light of the current restrictions on social
gatherings and unnecessary travel due to COVID-19.
Shareholders are encouraged to appoint the Chairman as their
proxy, to ensure that they can vote and be represented at the AGM.
No proxy other than the Chairman will be entitled to attend the
meeting in person. Forms of proxy must be completed, signed and
returned so as to be received by the Company's Registrars by no
later than 4pm on Friday 26 June 2020. Full details are set out in
the Notice of AGM and on the Company's website at
https://group.goodenergy.co.uk/investor-centre/agm-and-general-meeting-information/
AGM Statement and Presentation:
The next planned update to the market will be an AGM statement
to be released on the morning of 30 June 2020. An online
presentation to shareholders will be held to accompany the AGM
Statement with an opportunity for Q&A. Further details will be
made available and announced to the market in due course.
Enquiries:
Good Energy Group PLC Via Walbrook PR
Juliet Davenport, Chief Executive
Charles Parry, Investor Relations
Investec Bank plc (Nominated Adviser) Tel: +44 (0) 20 7597 5970
Jeremy Ellis
Sara Hale
Walbrook (Financial PR) goodenergy@walbrookpr.com
Nick Rome Tel: +44 (0) 20 7933 8783
Tom Cooper
Notes to editors:
About Good Energy www.goodenergy.co.uk
Good Energy is a generator and supplier of 100% renewable power
and an innovator in energy services. It currently owns two wind
farms, six solar farms and sources electricity from a community of
1,500 independent UK generators.
Since it was founded 20 years ago, the Company has been at the
forefront of the charge towards a cleaner, distributed energy
system. Its mission is to support UK households and businesses
generate, store and share clean power.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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