Alkane chalks up record results

ALKANE Energy, the renewables firm, has reported record annual results for the year ended December 2009.

The clean tech plc's core business is in extracting methane gas from redundant coal mines in the North of England and using it to power generators to create electricity.

Neil O'Brien, chief executive of the fast-growing Aim-listed company, said: "We had record turnover of 6.3m, up 21 per cent. We had record underlying profit of 2.4m, up 71 per cent and we had our highest ever output of 95GWh."

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He added: "We're really pleased with all of that. We are investing hard and spent more than 10m in the year just finished. Two new sites are already operational and three more are on track for 2010. That should increase our sites to a dozen when they are open."

Alkane last year agreed a deal to buy gas from Leeds-based Gaz de France ESS which it converts into electricity. It sells the electricity to GDF which in turn sells it on to the national grid.

The company has two sites in Yorkshire, one in Welldale and a 3MW facility south of Leeds which it hopes will become operational in the summer.

Mr O'Brien, the former finance director of Speedy Hire, said: "The opportunities for growth, both in our core business and related conventional gas and biogas sectors, leave us well placed to significantly develop our business."

Shares closed up last night at 18.25p a rise of 1.25p.