- China New Energy said it expected full-year revenue to significantly exceed the level reported in 2016.

Revenue was expected in the order of RMB220m (around £24.7m), compared to RMB78.6 a year earlier.

"We are pleased to report that recent policy changes in China have stimulated domestic demand for increased ethanol production technology and, in turn, the technology and services provided by CNE," the company said.

The current order book and work in progress are worth about RMB122m.

"2017 will be our second profitable year in a row, and with a strong order book and work in progress, we are confident of continued profitability in 2018," chairman Yu Weijun said.

China New Energy shareholders also approved a proposed share buy back scheme at an extraordinary general meeting today.

At 1:46pm: [LON:CNEL] China New Energy Ltd share price was +0.33p at 1.83p

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