Carbon solutions company, CO2 Group announced in late October that is has lifted full-year net profit by 237% to $4.9 million. This result was helped by the Federal Government’s introduction of a carbon tax and expansion of the business in Asia and New Zealand. Revenue was up 81 per cent on the previous year to $64.3 million.
Chief executive Andrew Grant said the company had profited from a well-conceived diversification strategy, including extending its products and services portfolio, and its international expansion.
“CO2 Group has successfully diversified its operations into environmental markets trading, carbon project design and management and carbon advisory services across three major markets,” he said.
“These diversified business operations provide us with multiple revenue streams and growth platforms, positioning the business as a broader-based environmental services business.”
Mr Grant said he expected more opportunities to arise once the market viewed the new carbon legislation as long-term, however he also predicted a challenging year ahead.
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