Climate Exchange reports 2007 results

Source: Climate Exchange

Climate Exchange plc ("the Group" or "the Company"), the world's leading specialist exchange for trading emissions and environmental products, announces its preliminary results for the year ending 31 December 2007.

Strategic Highlights
  • Continued exceptional growth of existing core business
  • Launch of a range of new futures and options contracts on the Chicago Climate Futures Exchange
  • The successful launch of ECX EU ETS options
  • Launch of Insurance Futures Services Ltd ("IFEX") to trade U.S. hurricane catastrophe risk
  • International developments in Canada, India and China
  • Agreed launch of ECX CER futures on Friday 14th March 2008


Operational Highlights
  • Chicago Climate Futures Exchange (CCFE) average daily volume increased from 114 contracts in 2006 to 1,117 contracts in 2007 representing an 881% increase
  • European Climate Exchange (ECX) average daily volumes increased by 128% to 4.04 million tonnes
  • ECX open interest increased by 171%
  • ECX membership increased to 84 members (2006 : 71)
  • Chicago Climate Exchange (CCX) average daily volumes increased from 404 contracts in 2006 to 903 contracts in 2007 representing an 123% increase
  • CCX membership increased to 401 (2006: 238)


Unaudited Pro-Forma Financial Highlights for the year ended 31 December 2007
  • Pro-forma pre-tax profit of £0.85 million from £5 million loss (2006)
  • Revenues from core businesses up 249% to £13.6 million (2006: £3.9 million)
  • Core Group EBITDA £3.4 million (2006: £3.6 million loss)
  • Cash balances including short term investments were £13.7 million at 31 December 2007 compared with £13.6 million at 31 December 2006
  • Audited IFRS loss before tax £8.3 million(2006: loss of £10.5million)


Richard Sandor, Chairman of Climate Exchange plc, said: "These results represent further substantial progress for our business. The growth in both volumes and revenue have been outstanding and the first two months of 2008 have been even more exciting. The political landscape is becoming more and more favourable in North America but even more encouraging is the recognition in other major industrial nations around the world of the need to tackle climate change. 2008 could well be a pivotal year for the development of environmental markets."

Neil Eckert, Chief Executive of Climate Exchange plc, said: "We are proud of the operational progress achieved during 2007 evidenced by the growth in volumes and membership and the continuing launch of new contracts. We especially look forward to the launch of our CER contract in Europe on 14 March 2008 which is another important development for our business."

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