OPG doubles interim revenues

OPG Power Ventures, which is developing gas and coal-fired power plants in India, almost doubled interim revenues to £5.7m ($9.4m).

Pre-tax profits for the six months to September 30 also rose from £2m to £3.5m.

Arvind Gupta, the managing director who owns 62 per cent of the equity, said the results were driven by improved electricity prices and by the output of its second plant, which came on stream in October.

The company joined Aim in May 2008, raising £65m at 60p a share.

It was one of the last companies to join Aim before the market started shrinking. In the past 18 months, more than 500 companies have left, reducing the total number quoted at the end of November to 1,323.

The shares have recovered from a low of 20p a year ago to close up ½p at 79p.

The company said that the recovery had restored its faith in Aim, where it has 20 institutional shareholders who would be key to any future fundraising needs.