Chairman Don Stammer said the company moved into operating profitability in the third quarter and had reduced expenses, which gave it an operating loss of $1.5m. Earnings before EBITDA (earning before interest, depreciation and amortisation) were up to $4.8m from $2.9m the previous year.

The company said profit was expected to improve further during the year as additional landfill gas (LFG) power generators are brought on line and further operational improvements at existing sites were implemented.

Novera also said it was writing down the value of the Flimby R&D asset by almost a million dollars ($960,000) as part of its listing process in the UK.