Information  X 
Enter a valid email address

Novera Energy PLC (NVE)

  Print      Mail a friend

Friday 20 July, 2007

Novera Energy PLC

Trading Statement

Novera Energy PLC
20 July 2007


20 July 2007


                 NOVERA ENERGY PLC ('Novera' or 'the Company')

                                Trading Statement


The Board of Novera, one of the leading quoted UK renewable energy companies, is
pleased to make the following trading update in advance of its interim results
for the six months ended 30 June 2007, which will be released by the Company on
27 September 2007.

Novera expects to announce that revenue for the six months ended 30 June 2007
was £17.3 million compared to £15.8 million in 2006, an increase of 9 per cent.,
on a pro-forma illustrative basis, with the results of Novera and Novera
Macquarie Renewable Energy ('NMRE') fully consolidated from 1 January 2006. At
30 June 2007 our cash balance was £17.4 million. Trading and operational
improvements have been in line with expectations and Novera continues to make
good progress on its wind development activities.

An outstanding indemnity claim made by NMRE prior to Novera's acquisition of
Macquarie Renewables Limited's (MRL) 50 per cent. share of the NMRE, was settled
during July 2007. In accordance with the acquisition agreement, Novera and MRL
are each entitled to 50 per cent. of the net proceeds. Novera expects to receive
net proceeds of £0.7 million before the end of July.


For further information:

Novera Energy plc
David Fitzsimmons, Chief Executive
Rory Quinlan, Chief Financial Officer                  Tel: +44 (0) 20 7845 9720

Gavin Anderson
Ken Cronin / Kate Hill / Michael Turner                Tel: +44 (0) 20 7554 1400

Oriel Securities Limited (Nominated Advisor)
Adrian McMillan / Michael Shaw                         Tel: +44 (0) 20 7710 7600


                              www.noveraenergy.com

Notes to Editors:

Novera is a leading independent UK renewable energy group, with a portfolio of
landfill gas, waste and wind assets and projects.  The Company has 122 MW of
renewable power generation at 58 sites across the UK and is developing a
portfolio of wind farms with a target capacity of 250 MW by 2011.



                      This information is provided by RNS
            The company news service from the London Stock Exchange