GTL Resources, the AIM-quoted US ethanol fuel production company, has received its first $1 million (£500,000) of revenue.

Chaired by former monk, Lloyd's insurance chief and banker Peter Middleton, GTL says its first ethanol plant, at Rochelle, Illinois, began producing on 27 December, completed its customer acceptance tests on 16 January and has since received its first revenues. According to GTL, the tests confirmed that the new Rochelle plant, operated by the company's 85 per cent-owned Illinois River Energy, had a capacity of more than 50 million gallons a year, with a guaranteed ethanol yield equivalent to 2.8 gallons per bushel of corn (supplied by farmers whose incomes and votes are important to US politicians).

GTL says Rochelle is operating profitably, helped by the use of commodity market derivatives. Middleton argues the current outlook 'remains strong'.

GTL investors have had a switchback ride, hitting £10.50p in May 2004 and plunging to 98.8p a year later. They have since rallied to 212.5p, up 22.5p today and valuing the company at £48.23 million, and should offer more potential mileage.