Financial Releases
Preliminary Results for the twelve months to 31 December 2002
27 Feb 2003
Aggreko plc, the world leader in the supply of temporary power, temperature control and oil-free compressed air services, announces its preliminary results for the twelve months to 31 December 2002. Highlights include :
|
|
12 MONTHS TO
31 DECEMBER 2002 |
12 MONTHS TO
31 DECEMBER 2001 |
INCREASE / (DECREASE) |
|
|
|
|
|
Turnover
|
£m |
340.1 |
325.8 |
4.4% |
Operating Profit
|
£m |
61.2 |
76.2 |
(19.8)% |
Profit before taxation
|
£m |
55.1 |
67.1 |
(17.9)% |
Diluted earnings per share
|
p |
13.02 |
15.70 |
(17.1)% |
| Dividend per share |
p |
5.55 |
5.30 |
4.7% |
- Turnover up by 4.4% to £340.1 million
- Capital expenditure of £59.4 million
- Increase in interest cover to 10.1 times from 8.4 times
- Net debt lower by £16.0 million, reducing gearing to 68% from 82%
- Buy-back of 600,000 ordinary shares
Commenting on the year Philip Rogerson, Chairman, said:
'2002 ended on a tragic note for Aggreko, with the death of our Chief Executive, Phil Harrower, in a car accident. He will be missed not only by Board colleagues but also by every employee in Aggreko.
'The results for 2002 are in line with expectations. While we registered solid growth in Europe and had an excellent performance from our International operation, the fall in profitability in our North American business resulted in a reduction of 17.9% in Group pre-tax profits to £55.1 million on revenue of
£340.1 million, up 4.4% on prior year.
'Despite the challenges of the year, there were a number of positives. We continued to develop our business on a global basis, working in some 63 countries and further expanding our geographical coverage with the successful development of our Spanish acquisition and the execution of our first contracts in South America. The diversity of the projects undertaken, together with the progress made with key global customers, illustrates the strength of our service offering.
'Looking forward, we do not expect any immediate improvement in trading conditions around the world. The ongoing macro-economic and political uncertainty means that we will continue to adopt a prudent approach to capital expenditure which is likely to be only slightly ahead of depreciation, with the bulk of the spend being in the first half of the year to mirror the profile of the business. The absence of the contribution from the Salt Lake City Olympics and the World Cup will impact the first half results in 2003 but, for the year as a whole, some progress should be achievable on an underlying basis.'
- ENDS -
Enquiries to :
Philip Rogerson / Angus Cockburn
Aggreko plc
Tel. 0141 225 5900
Fiona Piper
The Maitland Consultancy
Tel: 020 7379 5151
To view the complete Preliminary Results document in portable document format (PDF) click here (210kb).
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