Climate Exchange plc (the “Group” or the “Company”), the world’s leading exchange for trading emissions and environmental products, announces its preliminary results for the year ended 31 December 2009.
Financial Highlights for the year ended 31 December 2009
- Pro-forma pre-tax profit of £6.8 million (2008: £2.8 million) up 2.4 x
- Revenues from core businesses up 48% to £33.6 million (2008: £22.7 million)
- Core business operating profit of £11.5 million (2008: £6.3 million)
- Cash balances including short term investments £19.2 million at 31 December 2009 compared with £12.4 million at 31 December 2008 and no external borrowings
- Audited IFRS profit before tax £2.2 million (2008: loss of £2.5 million)
- First audited IFRS profit after tax £0.7 million (2008: loss of £2.0 million)
Operational Highlights
- European Climate Exchange (ECX) annual volume increased 82% to 5.1 billion tonnes
- ECX open interest finished the year at 5.4 million tonnes, more than 53% above the previous year
- ECX membership increased to 102 members, despite high levels of consolidation throughout the markets (2008 : 95)
- Chicago Climate Futures Exchange (CCFE) average daily volume increased by 183% to 5,406 contracts in 2009 from 1,907 contracts in 2008
Richard Sandor, Chairman of Climate Exchange plc, said: "Some political momentum is returning with China and India announcing post Copenhagen reduction targets in the last few days. Overall these results are exciting and we have maintained our position as the leading emissions trading exchange".
Neil Eckert, Chief Executive of Climate Exchange plc, said: "We are delighted with these results when put in perspective with the economic and political backdrop. ECX had a wonderful year and with the continuing EU discussion of an anticipated 30% cut by 2020 and particularly the move to 100% auctioning in 2011, shows significant long term growth potential."
Click here for further details.