Climate Exchange, the carbon emissions exchange operator, has pleased the market with better than expected full year profits.
The company, whose marketplaces include the European Climate Exchange and the Chicago Climate Futures Exchange, said pre-tax profits had climbed from £2.8m to £6.8m, helped by a jump in trading volumes. Chairman Richard Sandor said:
Some political momentum is returning with China and India announcing post Copenhagen reduction targets in the last few days. Overall we have maintained our position as the leading emissions trading exchange.
The company's shares have climbed 41.25p to 515.5p on the news. But analysts at KBC Peel Hunt maintained their sell rating, although with a wide target price range (which is under review.) The broker said:
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