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Renewable Energy moves into profit

Wind farm investor and operator Renewable Energy moved into profit in the year to December 31 after selling its wave technology business to Carnegie Wave Energy.

The firm posted a pre-tax profit of £11.2m, compared with a loss of £2.11m the previous year. Revenue climbed to £8.9m from £5.3m.

'Despite a strongly supportive political environment for renewable energy across Europe, pipeline projects both within the Company and across the sector as a whole have stalled as the turbulent global economy and weak capital markets have resulted in the restriction of funding to small but capital intensive, growth businesses such as REH,' the company said.

However, the company is still confident on the outlook for wind power and is developing projects in Poland and Wales.

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