Shares in Good Energy (GOOD:AIM) fell more than 20% despite reporting an ostensibly positive set of full year results on 26 March.

Revenue for the renewable electricity and energy services provider increased by 2.4% to £254.7 million for the year ending 31 December 2023 ‘driven by the high commodity cost and cost of sale environment’ at the start of last year.

The company also received praise from analysts at Canaccord Genuity who said they expected around 40% organic growth in the energy services division for 2024 and observed this part of the business would rapidly become the dominant driver of profitability.

So, what has spooked investors? There has been some confusion in the market with a one-off non-cash impact in the company’s 2022 profit leading to an optically alarming fall in 2023 profit.

Pre-tax profit fell to £2.9 million compared to £8.6 million in 2022, which included a one-off £7.8 million valuation uplift related to Zapmap (Good Energy has a 49.9% stake in Zapmap) – an electric vehicle charging points app.

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