Press Releases

Sydney, Mar 1, 2010 (ABN Newswire) - Fast growing energy retailer Australian Power & Gas (ASX:APK) has today released its results for the first half of FY10 following audit review which confirmed its previously released results. The results show the company has achieved its forecasts and reached the major milestone of a maiden net profit after tax (NPAT) of A$1.1 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) were A$6.4 million on revenue of A$60.7 million for the six month period.

"This is a fantastic result for the company as we continue to deliver on our targets and forecasts. We continue to grow our core Victorian business and we now have 120,000 customer accounts," said Australian Power & Gas CEO James Myatt.

"Now that we have achieved our goals of being profitable and cash flow positive we are looking at accelerating the growth of the company, and we are actively reviewing the opportunities to grow the customer base into both QLD and NSW."

Mr Myatt said the company is now focused on its next stage of development by significantly expanding its presence in the Queensland and NSW markets in 2010. Such an aggressive growth strategy will require a re-forecast of anticipated results in due course, he said.

Australian Power & Gas also confirms it has a full load following hedge agreement in place for its Victorian power requirements through to the end of 2010 and will continue with a conservative wholesale supply strategy in 2011. Its current accounts receivable/accrued revenue financing facilities are also in place and not due for review until June 2011.

Contact

Andrew Butler Australian Power & Gas Tel: +61-2-8908-2711 Mob: +61-419-818-801