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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Clean energy products group Freeplay Energy saw pre-tax losses double in 2007 but said trading in the first quarter exceeded management’s expectations.

After taking a $1.8m hit for impairment of intangible assets, pre-tax losses in 2007 widened to $11.1m from losses of $5.3m in 2006.

Revenue rose to $44.7m from $26.1m, boosted by a five month contribution of $18.8m from 2006 acquisition Dixie Sales Company.

Sales of Freeplay products were up 9% to $7.9m, with strong growth in sales in Europe (+42%) and Africa and the Rest of the World (+18%). The US saw sales slide 32% as a result of Target, a major customer, ceasing to stock sustainable energy products.

Like-for-like revenue at Dixie Sales eased 3% to $32.7m, partly as a result of poor weather conditions in the second half oof 2007 but also as a result of a conscious decision to withdraw from certain low margin business areas.

At the end of April 2008 Dixie was performing in line with the board’s expectations and trading was showing a significant uplift in comparison with levels from a year earlier. Dixie remains on course to return to profitability in 2008, the company said.

Trading across the group in the first quarter was ahead of expectation. The group has a strong enquiry and order book and following the restructuring measures recently implemented by the board, which has resulted in a significant reduction in operational costs, the board “is very positive for the group's prospects during 2008 and beyond and looks forward to a promising and exciting year.”

• News Channel