Wednesday March 18, 11:11 AM
Glance-STOCKS NEWS EUROPE-Alkane Energy gains after "excellent" results
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10:55GMT 18March2009-Alkane Energy (LSE: ALK.L - news) gains after 'excellent' results
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Shares in Alkane Energy gain 11.9 percent after the renewable
energy company unveils a 21.5 percent increase in full-year revenues to 5.19
million pounds, with pretax profit up by 128 percent to 1.95 million pounds.
The company, which converts damaging methane emissions from abandoned coal
mines into electricity, has 20 megawats of capacity equivalent in operation, and
hopes to increase this to 50 megawats.
Broker Ambrian describes the results as excellent, and re-initiates coverage
with a 'speculative buy' recommendation.
'We feel that the company is well positioned to meet its aggressive growth
targets,' it says in a note to clients.
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