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Preliminary results for the twelve months ended 31 December 2009

08 March 2010

Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of European wind farms, is pleased to announce its preliminary results for the twelve months ended 31 December 2009.

 

Highlights

·       Revenue (including discontinued operations) £8.94 million (2008: £5.31 million)

·       Profit before tax £11.2 million (2008: loss of £2.11 million)

·       Group ended the year with cash balances of £2.3 million (2008: £6.5 million)

·       Sold CETO Wave Technology (“CETO”) to Carnegie Wave Energy Limited (“Carnegie”) for 232,600,000 fully paid new ordinary shares of Carnegie

·       REH is Carnegie’s largest shareholder with an interest of approximately 30% enabling REH to continue to participate in CETO

·       Post year end, completed disposal of landfill gas asset, Bryn Posteg, giving a profit on disposal of £300,000 potentially rising to £800,000 from exercising the upside participation clause in the disposal agreement (the “Agreement”)

·       Acquired Gamar GHL, a Polish windfarm development company fully permitted to build a 30MW windfarm in S.E. Poland, for approximately £1.8 million

 

To read the full document, please download the PDF.