Carbon emissions specialists Camco International (LON:CAO) reported today what it called an "excellent" start to 2011, saying it had seen growth in both pre 2012 and post 2012 portfolio volumes.
The company released a development update for its carbon project as at 31 March this year.
Camco achieves value from its portfolio by selling carbon credits and it said that the increase in portfolio volumes means that it was due to receive a greater number of carbon credits from projects.
Projects that are registered and have an operational track record can be forward sold for a higher price relative to the market, it added.
Camco derives its margin from the difference between its forward sales or delivery price and its purchase price for its 'In Specie' portfolio. For revenue share portfolio Camco receives a commission on the sale of tonnes.
CEO Scott McGregor said: "Camco has seen an excellent start to the new year with growth in both our Pre 2012 and Post 2012 portfolio volumes, a remarkable success for our origination business. The increasing forward price curve provides good prospects."
Compared to the last update on 30 September 2010, for its carbon tonnes in portfolio, the firm saw a 3% increase in pre 2012 in specie at 26.6 million and a 33% increase in post 2012 in specie at 36.2mln tonnes.
Camco's in specie portfolio showed a 2.7mln tonne increase on 30 September 2010, representing a 13% increase, it said.
In terms of delivery, 3.4mln tonnes were delivered in the first quarter of 2011, representing a 26% increase on Q4 2010.
EU-ETS eligible emission reductions as at 31 March 2011 were trading with a forward curve for CERs starting at €13 per tonne for Dec-2011 delivery, increasing to €17 per tonne for Dec-2020 delivery, said Camco.
On average, forward contracts prices were up 19% over the quarter and the company's weighted average purchase price remains stable at €8.58 per tonne for future delivery of the pre-2012 portfolio.
Camco shares were up over 3 per cent today - changing hands at 18.07 pence in early deals.