South American electrification specialist Rurelec is optimistic, despite a 90 per cent profits dive to £1.7 million pre-tax.

Run by seasoned maverick financier Peter Earl, AIM-quoted Rurelec increased turnover by 9.7 per cent to £22.6 million in 2007, but the absence of the previous year’s £13 million ‘negative’ acquisition goodwill bonus made for an unflattering comparison. The company increased new gas-fired capacity at Guaracchi in Bolivia by 25 per cent or 790 megawatts and had 160 megawatts of new combined cycle projects under development and financed in Argentina and Bolivia.

Since its year end, London-based Rurelec has had 148,019 tonnes of carbon emission reduction (CER) certificates approved and registered and reached a preliminary agreement with French bank BNP Paribas for forward purchase of CERs during the life of the Kyoto Protocol. The shares, recommended by Growth Company Investor at 53p last autumn, have reached 63p and might go further.

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Rurelec	AIM	£27.88m	32.50p	0.00p
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