Renewable energy provider Eaga plc (EAGA.L) reported Thursday a rise in profit for fiscal 2010, helped by growth in carbon services revenues, as demand under the UK government's Carbon Emissions Reduction Target or CERT programme was high, particularly in the first half of the financial year. Looking ahead, the company expects the second half of the current financial year to represent a greater proportion of the full year performance.
Profit before tax for the full year rose to GBP 41.47 million from GBP 37.72 million in the previous fiscal.
Profit for the year attributable to equity holders of the company rose to GBP 29.3 million from GBP 26.7 million in the prior fiscal. On a per share basis, earnings rose to 11.64 pence per share from 10.63 pence per share for the prior fiscal.
Adjusting for exceptional costs and other items, earnings for the year were 14.37 pence per share versus 13.38 pence per share in the prior fiscal.
Revenues for the year grew 3.1% to GBP 762.17 million from GBP 738.90 million in the previous fiscal.
Carbon services business revenue grew 13.5% for the year to GBP 245.5 million. Heating and renewables services revenues dropped 1.7% for the year to GBP 198.8 million. Managed services revenue fell 2.3% for the year to GBP 429.5 million.
The company also noted that second half and more particularly fourth quarter was weak for carbon services due to the continued delay in the finalization of the extension to the CERT programme. CERT is an approximately GBP 1 billion programme by the UK government to obligate reduction of carbon emissions from residential housing.
The company announced a 10% increase in the dividend for the year as a whole, with a final dividend of 2.64 pence per share versus 2.40 pence last year , payable on November 12 to shareholders on the Register at October 15, 2010.
Going forward, the company expects to benefit from the confirmation of the CERT extension to December 2012 and already sees encouraging signs of improving demand.
EAGA.L is currently trading on the London on the London Stock Exchange at 106.80 pence, up 2.80 pence or 2.69%. Over the past year, the stock traded in a range of 92.85 pence - 160.10 pence.
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