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Climate Exchange plc (“the Company” and, together with its subsidiaries, “the Group”), the world’s leading international environmental marketplace, announces its interim results for the six months ended 30 June 2009.
Financial Highlights
- Pro-forma core business operating profit of £6.7 million (H1 2008: profit of £3.4 million), excluding share based payment expense
- Cash balances, including short term investments, were £16.5 million at 30 June 2009 compared with £12.4 million at 31 December 2008
- For the first time, an unaudited IFRS pre-tax profit of £1.5 million (H1 2008: loss of £0.3 million)
Operating Highlights
- European Climate Exchange (ECX) average daily volume increased to 21.5 million tonnes with 2,685 million tonnes traded in total, 252% of H1 2008 (1,066 million tonnes)
- ECX continues to hold its leading position for EUA trading with a market share of over 99% in futures and options
- Successful launch of T+1 futures contracts
- CCX membership increased from 459 to 464 during the period
- Chicago Climate Futures Exchange (CCFE) volume increased to 617,618 contracts 211% of H1 2008 (292,065 contracts) as trading momentum shifts to mandatory markets from voluntary, where CCX volume declined to 26.2 million tonnes (H1 2008: 47.0 million tonnes)
- Fox Pitt Kelton appointed as Nomad; Fox Pitt Kelton and J.P. Morgan Cazenove appointed as joint corporate brokers
Neil Eckert, Chief Executive, said: “The first half has been another remarkable period where we have not only grown our business at a tremendous pace but more importantly continued to consolidate our number one position in terms of market share both in Europe and the U.S. IFEX, our insurance derivatives business, has made a good start and we believe has exciting potential for growth”.
Richard Sandor, Chairman of Climate Exchange plc, said: "The Climate Exchange group continues to experience strong growth built on the widespread recognition that its family of exchanges are well placed to service a variety of environmental issues around the world. The successful launch of the Regional Greenhouse Gas Initiative futures and the expansion of the Climate Exchange franchise internationally, especially in China, shows that we can implement strategies in both mandatory and voluntary markets with excellence in design and execution."
Click here to download the interim statement for the six months ended 30 June 2009.
