LONDON (ShareCast) - Renewable power group Good Energy more than doubled annual profits as it increased customers by nearly a third.

Good Energy said pre-tax profit in the year to December 31st rose by 136% to £3.3m on a 43% increase in revenue to £40.4m.

The group, which is building a £16m wind farm near Doncaster in South Yorkshire, has another farm in Cornwall and has 59,000 households generating energy for their homes and the national grid, increased customer numbers by 32% to more than 100,000.

At the end of the year, Good Energy had increased electricity customers by 25% to 40,000 while gas customers jumped 76% to 15,000.

The company recommended a final dividend of 2.3p, resulting in a 3p increase in the total dividend per share to 3.3p.

Chief Executive Juliet Davenport said: "The company has exceeded market forecasts, improved its margins, expanded generating capacity and maintained its focus on customer service."

Shares rose 21.5p or 8% to 291.5p at 09:07 in London.

PW

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