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Camco swings to profit in full-year, shares rise

Last updated: 14:17 22 Feb 2011 GMT, First published: 15:17 22 Feb 2011 GMT

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Camco International Ltd (LON:CAO) swung to a profit in the full-year and said it is in a strong position across all its markets after its 2010 turnaround and best performing year to date.

The global developer of emission reductions and clean energy projects made a pretax profit of €9.6 million in the year ended December 31 2010 against a loss of €10.7 million a year earlier. 

Revenues rose to €30.0 million from €27.8 million.

Camco shares rose nearly 13 percent in early deals and were last changing hands at 16.2 pence.

Net assets at the end of the year stood at of €61.2 million of which €31.7 million is net accrued income from carbon projects which are registered and operational and expected to deliver cash in the next two and a half years.

Net assets at the end of 2009 stood at €49.6 million. 

The period under review also saw Camco more than doubling the amount of carbon credits issued to 8.1 million tonnes from 3.3 million tonnes a year earlier.

Chief executive Scott McGregor said: "The company is in a strong position across all our markets after its 2010 turnaround and best performing year. Given the performance and focus of the business, we are in a prime position to seize the current opportunities, grow our projects business, deliver the current portfolio and build value for our customers and shareholders."

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