Australian Power And Gas Company Limited (ASX:APK) Tops Business Review Weekly Fast Starter List Second Year Running

Sydney, April 29, 2011 AEST (ABN Newswire) - Australian Power & Gas (ASX:APK), an independent energy retailer, today said its number one ranking in the prestigious 2011 BRW Fast Starters list, announced this week, was testament to the firm's successful growth strategy.

The Fast Starters list, compiled each year by leading weekly business magazine Business Review Weekly (BRW), ranks companies that have been established for no more than five years by revenue growth. The list is seen as a key indicator of successful strategy, entrepreneurial skill, leadership and innovation.

It is the second year in a row that Australian Power & Gas has topped the BRW Fast Starters award. The company also scooped first place in the separate BRW Fast100 list in 2010.

Australian Power & Gas CEO, James Myatt, said: "Winning the Fast Starters award for a second year underscores the sustainability of our growth model. We are acquiring new customers at a very fast rate of about 10,000 a month as we expand from our traditional base in Victoria into new markets in New South Wales and Queensland. I would like to extend gratitude to our dedicated staff, all of whom can be proud of making Australian Power & Gas the successful company it is."

The company advised this week it was on track to achieve 260,000 net customer accounts in FY11, and 400,000-415,000 accounts in FY12, as it accelerates its strategy to win new customers in all three eastern seaboard states. It also confirmed FY11 forecasts of revenue in the range A$200m-A$220m and underlying NPAT of A$3.5m-4.5m, while issuing the following guidance for FY12:

- Revenues: $380-410 million

- EBITDAF: $36-40 million

- Underlying NPAT: $10-12 million

Australian Power & Gas recently expanded its offering to include gas in New South Wales, making it a dual power supplier to residential households across the eastern seaboard.

Contact

James Myatt Australian Power & Gas Tel: +61-2-8908-2700 http://www.australianpowerandgas.com.au