Ann: Appendix 4C - quarterly, page-50

Growth in COGs is worth a second look. COGS largely represents the volume of electricity in the quarter, that has gone through LPEs meters, and has been paid for by LPE. It is an indicator of how much the business sales have grown, so the size of the business at the end of the quarter.
In the last quarter this rose by 48.4% (3289 to 4880) as the twin effects of seasonal consumption growth and customer number increases combined together. This is an exceptional result, that will not repeat in all quarters due to the seasonality of electricity consumption, but still exceptional and will see a loosely related rise in receipts next quarter.
The pattern should repeat with slightly lower % as the customer growth becomes a lower %. As can be seen in the chart, when comparing the same time periods the previous 31/03/17 quarter had 55% growth. Going by that don't be surprised by lower COGs growth in the June quarter.
In summary its a lumpy growth path but it is rapid and will have a similarly lumpy delayed cash flow cycle
A high growth and high margin electricity retailer is rare, patience required though.