James Murray, BusinessGreen, Friday 12 March 2010 at 13:54:00
Pre-tax profits exceed expectations at carbon exchange specialist
Faltering confidence in the global carbon market received a shot in the arm this morning as the world's largest exchange for carbon credits, the London-based Climate Exchange, announced better-than-expected preliminary results for 2009.
The company, which operates the European Climate Exchange (ECX) and the Chicago Climate Futures Exchange (CCFE), saw its share price climb around 13 per cent to 535p after confirming that it recorded its first annual profit last year.
The company reported that pre-tax profits increased more than twofold to £6.8m, while revenue from its core businesses rose 48 per cent year on year to £33.6m. The firm also improved its cash position from £12.4m at the end of 2008 to £19.2m at the end of last year.
In addition, the volumes traded on its leading exchanges rose substantially, with the annual volume of trades on the ECX increasing 82 per cent to 5.1 billion tonnes and average daily trading volumes on the CCFE climbing by 183 per cent to 5,406 contracts. …
Climate Exchange sees shares climb on encouraging results
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