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Market: AIM
Sector: Cleantech and Renewable Energy
EPIC: CLE
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Climate Exchange
www.climateexchangeplc.com

Climate Exchange facilitates trading in environmental financial instruments, including emissions reduction credits in both voluntary and mandatory markets.

Full Climate Exchange profile here
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Climate Exchange 2009 profits rise 2.4x as volumes and membership grow

12th Mar 2010, 1:56 pm Climate Exchange 2009 profits rise 2.4x as volumes and membership grow

Emissions trading exchange owner and operator Climate Exchange (AIM: CLE) reported a better than expected 2.4x increase in pre-tax profits to £6.8 million in the full year 2009 as revenues from core businesses soared 48% to £33.6 million.  In the year to end-December 2009 two of its three operated exchanges posted better performance with improved volumes and membership figures.

Annual volume at the European Climate Exchange (ECX) rose 82% to 5.1 Bt (billion tonnes), while the average daily volume at the Chicago Climate Futures Exchange (CCFE) soared 183% to 5,406 contracts in 2009 from 1,907 contracts in the previous year. ECX open interest finished the year at 5.4 Mt (million tonnes), marking a 53% improvement over the previous year, while ECX membership increased to 102 members from 95 in 2008.

The company said the significant improvement in performance was despite a lack of progress in US emissions legislation and the economic downturn. ECX benefited from an increase in the European Union Emissions Trading Scheme (EU-ETS) beyond the Kyoto timeframe, while the CCFE continued its growth in existing products and its innovation of new products with the company saying that there are several opportunities to build attractive markets in the US even if a Federal emissions cap and trade system is delayed.

However, the ongoing legislative uncertainly pushed down the volumes at the Chicago Climate Exchange (CCX).

The company offered a cautiously positive outlook for 2010, which it said has begun with modest improvements in European volumes, while US markets continued lagging compared to the first half of 2009.

Shares in the company were up 5.5% in early afternoon deals.

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