07/07/2008
After losing £1.4 million last year, Renewable Energy Holdings foreshadows a £1 million pre-tax profit for the first half of 2008.
In an interim trading update, the Isle of Man-based company, which backs and operates ‘proven and innovative’ renewable energy technologies, says it expects to report revenues for the first half of this year strongly ahead from £1.9 million to £4.5 million. Of this, £2.6 million will have come from wind power and £1.6 million from licensing its CETO wave power technology, which converts seawater to fresh water.
Steered by chief executive Mike Proffitt, AIM-quoted Renewable Energy says it looks forward to the rest of the year ‘with confidence’. Renewable’s shares, which reached 63p in early 2006, now stand at 49p, up 1.5p this morning, where they value the company at £32 million and offer speculative potential.
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