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Proffitt company to return to profit?

A company whose Chief Executive Officer, Mike Proffitt, remains at the centre of the inquiry into the 'unauthorised MEA millions', is expected to return to profit after losing £1.4 million last year.

Renewable Energy Holdings anticipates a £1 million pre-tax profit for the first half of 2008.

In an interim trading update, the Isle of Man-based company, which backs and operates 'proven and innovative' renewable energy technologies, says it expects to report revenues for the first half of this year strongly ahead, from £1.9 million to £4.5 million. Of this, £2.6 million will have come from wind power and £1.6 million from licensing its CETO wave power technology, which converts seawater to fresh water.

Mr Proffitt (pictured) says of AIM-quoted Renewable Energy that it looks forward to the rest of the year 'with confidence'.

Renewable’s shares, which reached 63p in early 2006, now stand at 49p, up 1.5p this morning.

The company is valued at £32 million and the shares are said to offer 'speculative potential'.

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