Australian Power And Gas Company Limited (ASX:APK) Achieves 310k Net Accounts, Positive Underlying Quarter One Cashflow

Sydney, Oct 31, 2011 AEST (ABN Newswire) - Independent energy retailer, Australian Power & Gas Company Limited (ASX:APK), today announced it achieved 310,000 net customer accounts, a 13 percent increase from June.

"The successful customer acquisition program continues our growth trajectory for achieving our fiscal 2012 target of between 400,000 and 420,000 customer accounts" said James Myatt, CEO of Australian Power & Gas.

The company today also released its Appendix 4C report for the three months to 30 September 2011. The quarterly report shows record new customer sign-ups in the last three months of the financial year was reflected in cash flow as Australian Power & Gas focuses on expanding its footprint across the eastern seaboard.

Underlying cash flow was positive A$1.0 million for the quarter, adjusted for the cost of growth, deposits and allowing for prepayments placed as guarantees. "This result was particularly pleasing given that A$4 million in amounts due from state governments relating to this period was not received until after month end," said Mr Myatt.

Customer payments of A$90.0 million for the quarter were up by 80% on the corresponding period in 2010, and also by a similar amount on customer payments received in the 3 months to June 2011.

For the complete Australian Power & Gas announcement including tables, please view:
http://media.abnnewswire.net/media/en/docs/ASX-APK-655108.pdf

Contact

James Myatt Australian Power & Gas Tel: +61-2-8908-2700