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Alkane Energy

  • BY: Andrew Hore |
  • POSTED: 19/03/2008 |

Coal mine methane producer Alkane Energy increased its underlying profits by 60% in 2007.

The 2007 figures show a fall in reported profits but they are complicated by exceptionals and the change in status of Pro2 from a subsidiary to an associate company. The takeover talks for Alkane which ended earlier in March have not affected the figures. The costs relating to them will be in the 2008 results.

Stripping all those out the underlying pre-tax profit increased from £841,000 to £1.34m. Like-for-like revenues rose from £3.72m to £4.27m. Net cash is £755,000.

Alkane is benefiting from additional generating capacity, which has reached 18.5MW. It sold 35% more electricity and 25% more gas during the year. The average electricity price last year was £42/Mwh and that should improve in 2008.

Development projects could triple generating capacity over the next few years. Capital expenditure could rise to £1.5m this year.

Alkane now owns 38% of German generating equipment supplier Pro2. That stake contributed £299,000 to profits in 2007.

The shares fell 0.25p to 15.25p. 

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