StockMarketWire.com - Energy company Good Energy pulled its interim dividend after swinging to a first-half loss as a jump in costs offset a climb in revenue.

For the six months ended 30 June, the company reported pre-tax loss of £0.5m compared with a profit of £2.5m on-year, while revenue increased by 6.2% to £67.5m.

The uptick in revenue was driven by growth in business supply and FIT customers, more than offsetting a decline in domestic supply customers, the company said.

Gross profit of £14.8m decreased 13.3% with a gross profit margin of 22.0%, down from 26.9% in line with the strategic shift toward longer term, lower gross margin business supply and selling back excess contracted power and higher network reconciliation costs, the company said.

Good Energy decided not to declare or pay an interim dividend, but pledged to resume dividend payments in 2021, if broader macro-economic conditions permit.

'Underlying business performance continues to perform in line with management expectations. This includes lower margins from our faster growing Business segment and a planned reduction in operating costs,' it added.



At 8:35am: [LON:GOOD] Good Energy Group Plc share price was -4p at 184p



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