Tuesday, November 6, 2007

EcoSecurities warns on earnings, shares crash

From Reuters:

U.S. carbon cutting project developer EcoSecurities Group Plc (ECO.L: Quote, Profile , Research) said on Tuesday that full year revenues and earnings will be below its expectations, causing its shares to almost halve.

The loss-making company said in a statement that delays in its project cycle are limiting the registration of new projects and therefore the issue of Certified Emission Reduction carbon credits (CERs), causing this year's results miss forecasts.

Shares in the firm crashed 46.6 percent to 137.5 pence by 1219 GMT, valuing the business at 154 million pounds ($320.6 million)....MORE