Auhua Clean Energy reports revenue rise in 2012

Auhua Clean Energy on Tuesday posted a 'solid' trading performance for the year with a 30 per cent increase in revenues.

Ahead of its results for 2012, the China-based environmental technology group said revenues reached 218m yuan and profit before tax for 2012 is expected to be moderately ahead of market expectations.

Last April the group was listed on the AIM and has since continued to make progress.

The group's new factory in Rushan, Weihai City is fully operational and will be able to meet the increasing demand for split-unit solar water heater systems.

During the year, the company received a five-star certification for the heaters from the Shandong Solar Energy Industry Association.

The board predicts revenue growth this year, driven by contracts with conglomerate property developers which have agreed to use Auhua's split unit solar water heaters exclusively.

Raphael Tham, Chairman of Auhua said: "After listing on AIM last year, we have gained exposure and credibility in China. This, together with a strong performance in 2012, means we are confident of our future.

"We have continued to increase market share in our domestic market and have plans to expand our business to meet rising demand. We look forward to updating shareholders further with the release of our preliminary results in mid-April."

RD