Britain's Renewable Energy Holdings plc (REH.L: Quote, Profile, Research) expects to turn a profit in 2008 after selling the rights to its wave energy technology in Australia, Chief Executive Mike Proffitt said on Monday to Reuters.

Renewable, which uses ocean waves to generate electricity and operates windfarms and landfills, reported 2007 losses of 1.5 million pounds ($2.98 million), "significantly" better than the 2.3 million pounds loss it expected, as revenues rose to 4.6 million pounds.

Shares of Renewable, which got 4.75 million pounds from the sale, rose 3.4 percent to 45.5 pence at 1041 GMT. ... Read full article