APX energy exchanges profit up 267%
Wednesday 09 May 2007
The Anglo-Dutch APX Group, which operates gas and electricity exchanges in Britain, the Netherlands and Belgium, today announced a 267% rise in net profit to €8.8m in 2006. Turnover was up 64% year-on-year to €41.4m.
The company said increased turnover was due to higher volume, an increase in traders and third party services. 'Pure business growth contributed significantly to the net income. Some one-off effects also added to the financial result, such as the recognition of deferred tax assets in the UK market, APX said in a statement.
Total trading volumes were up 20% to 178TWh in 2006. However electricity trading volumes on the APX exchanges are down 6.5% in the Netherlands and 1.1% in the UK in the first quarter of 2007.