Sun continued to shine for Locality Planning Energy during COVID-19; adds 44pc more customers in FY20
COVID-19 failed to hold back Queensland energy retailer Locality Planning Energy’s (ASX:LPE) growth for the 2020 financial year.
Locality sells electricity and utility services to residential, commercial and retail customers and develops solar farms. It has a particular focus on offering shared solar for apartments and houses.
This morning it told shareholders it had grown its active customers by 44 per cent over the financial year.
Furthermore, this is growth that continued during the COVID-19 lockdowns. Specifically in June it added 841 customers, taking its total to 31,216.
While small-to-medium businesses account for only 11 per cent of Locality’s total 31,216 customers, numbers have grown by 156 per cent.
Locality now claims to be the largest residential embedded network operator in Southeast Queensland.
The company is expecting further growth in the upcoming financial year. By its predictions another 10,000 customers will come onboard in the next 12 months, representing 30 per cent growth.
“The continued growth of the company in the past year is a pleasing result and we look forward to delivering the strategy in place for the year ahead,” CEO Damien Glanville said.
Shares rose 8 per cent at market open this morning.
88 Energy (ASX:88E) has implored shareholders of XCD Energy (ASX:XCD) to accept its offer as soon as possible. It is offering accelerated payment terms for shareholders who take up the offer straight away.
Otherwise shareholders may have to wait 50 days to receive payment under the acquisition timetable. 88 Energy is offering XCD shareholders 2.4 of its own shares for every 1 XCD share and will close the offer at 7pm next Monday.