Bioenergy company China New Energy sees revenue jump

Recently-listed China New Energy (CNE) saw its revenue jump by more than ten per cent in 2010, the company has announced just a month after its London Stock Exchange’s AIM initial public offering saw it valued at £208.m.
The bioenergy-focused company’s revenue shot to RMB40.2m ($6.21m) with gross margins following suit and jumping 27 per cent.
YU Weijun, chairman of CNE, said, ‘After two years of challenging conditions in 2009 and 2010, the directors and management team are confident in the company’s outlook and are determined to position the group for recovery and organic growth.
‘To strengthen our market position and to add value to our existing business, the group is actively exploring opportunities to expand into complimentary businesses or operations through acquisitions, joint ventures or strategic alliances.’
When the listing was carried out in May, Foo Shiang Peow, non-executive director at CNE said the business was considering whether to go public on a Chinese exchange.