7th Jul 2008 07:00
7 July 2008
Renewable Energy Holdings plc
("REH" or "the Company")
Trading update
Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of proven and innovative renewable energy technologies, is pleased to provide the following trading update for the six month period ended 30 June 2008.
The Board expects to report revenues for the first six months of 2008 of approximately £4.5 million (1H 2007: £1.825m) made up as follows: wind approximately £2.6 million (1H 2007: £1.7m); landfill gas in Wales approximately £0.3 million (1H 2007: £0.125m) from 1MW generating capacity; and licensing revenues received from Carnegie Corporation of approximately £1.6 million (1H 2007: £nil) in respect of the CETO wave power technology.
As a result of the above, the Board expects to report earnings before interest and tax of approximately £1.7 million and profit before tax of approximately £1.0 million for the first six months of the year and looks forward to the rest of the year with confidence.
The Board of REH expects to announce the Company's unaudited interim results for the six month period ended 30 June 2008 in mid-August. An update on timing will be given in due course.
For further information please contact:
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Mike Proffitt, Chief Executive |
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Renewable Energy Holdings plc |
Tel: 01624 641199 |
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Richard Swindells / Andrew Craig |
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Ambrian Partners - Nominated Adviser & broker to REH |
Tel: 020 7634 7405 |
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Samantha Robbins / Paul Dulieu |
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Redleaf Communications |
Tel: 020 7822 0200 |
Notes to Editors
About Renewable Energy Holdings plc
Renewable Energy Holdings ("REH") is an international company established to be an investor in and operator of both proven and innovative renewable energy technologies.
REH owns two operational wind farm sites in Germany, Kesfeld (32.5MW) and Kirf (8MW). In addition, REH is at various stages of development of further wind farm sites in Poland and Wales.
REH owns a methane Landfill Gas Project in Powys, Wales which is at an early stage of gas collection, currently producing at 1MW and which is expected to increase as the landfill matures.
CETO is REH's innovative wave power technology. It is the first wave power converter to sit on the seabed, where it is invisible, safe from storms and ocean forces, and self contained. Unlike other wave energy technologies that require undersea grids and costly marine qualified plant, CETO requires only a small diameter pipe to carry high pressure seawater ashore to either a turbine to produce electricity, or to a reverse osmosis filter to produce fresh water. CETO is currently deployed off Fremantle, Western Australia undergoing commercial testing.
The Directors and executive team of REH have extensive experience in both the conventional and renewable energy sectors, both in the UK and overseas, and through their experience have built a broad international network of relationships with individuals, companies, governments and lobby groups.
The Company was incorporated in the Isle of Man on 8 October 2004 and listed on the London Stock Exchange's AIM Market in February 2005.
Further information can be found at www.reh-plc.com
Related Shares:
REH.L