CO2 posts modest profit lift

May 14th, 20125:17 pm @

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Carbon offset firm CO2 Group has lifted its first-half profit by 6 per cent to $1.6 million on a 117 per cent jump in revenue to $32.7 million.

CO2 said the results were delivered in an environment of ongoing debate around carbon policy and its implications on Australian businesses.

CO2 chief executive Andrew Grant said the company was particularly excited about the ongoing diversification of our environmental services offering, providing the company with multiple revenue streams and platforms for substantial growth.

“The recent growth in revenue from our Carbon Banc division demonstrates the company’s ability to successfully generate income from new service lines,” he said.

CO2 said it continued to have an active pipeline of new business opportunities across all divisions, with many large carbon emitters looking to implement carbon-offset strategies as a means of reducing their liability under the incoming carbon-pricing legislation on July 1.

“CO2 Group is well placed to take full advantage of future growth opportunities, and deliver further growth rates for the remainder of 2012,” the company said in a statement.

“The pipeline of new tenders and business opportunities remains robust.”

CO2 said it had $32.6 million in cash at March 31 and no debt.

The company manages about 22,300 hectares of carbon plantings for its customers.

CO2 shares were unchanged at 15.5 cents at 9.35am.

Article source: http://au.news.yahoo.com/thewest/business/a/-/wa/13677459/co2-posts-modest-profit-lift/