Financial Releases
Interim Results for the six months to 30 June 2003
27 Aug 2003
Aggreko plc, the world leader in the supply of temporary power, temperature control and oil-free compressed air services, announces its interim results for the six months to 30 June 2003. Main points include:
|
|
6 Months to |
6 Months to |
|
|
|
30 June 2003 |
30 June 2002 |
|
|
|
|
|
|
Turnover
|
£m |
159.3 |
167.7 |
(5.0%) |
Operating Profit
|
£m |
19.6 |
28.7 |
(31.5%) |
Profit before taxation
|
£m |
17.2 |
25.6 |
(32.6%) |
Earnings per share
|
p |
4.37 |
6.05 |
(27.7%) |
| Dividend per share |
p |
2.20 |
2.20 |
- |
- Turnover decreased by 5.0% to £159.3 million
- Pre-tax profits decreased by 32.6%
- Earnings per share decreased by 27.7%
- Dividend per share is unchanged from 2002
- Interest cover strong at 8.2 times
- Appointment of new Chief Executive
Commenting on the results Philip Rogerson, Chairman, said:
“The first half of 2003 has been challenging for Aggreko with difficult trading conditions in many markets around the world. This has particularly impacted performance in North America and Europe.
“Turnover in North America fell, largely as a result of the absence of the Salt Lake City Winter Olympics, which contributed significantly to revenues in the first half of 2002. Conditions in the wider market remained difficult due to on-going pricing pressure, particularly in power.
“Europe also had a disappointing first half, due to a combination of a change of business mix, with a higher proportion of depot based revenues as opposed to large power projects for utilities, and increased investment, notably in Southern Europe, where we opened new depots in Milan and Madrid.
“Our International business has made good progress during the first half. By expanding its geographical presence and undertaking a higher number of contracts, the business has demonstrated its high level of operational capability to a growing customer base.
“There has been no material change to the outlook for the business since our Trading Statement dated 18 June 2003. At this stage in the second half, demand in the Middle East depot business remains robust; there has also been some modest improvement in activity levels in Europe and North America as a result of, respectively, the recent hot weather, and the power outages in the North East of the United States and Canada. However, in aggregate, trading remains in line with our expectations."
- ENDS -
Enquiries to:
Rupert Soames / Angus Cockburn
Aggreko plc
Tel. 0141 225 5900
Fiona Piper
The Maitland Consultancy
Tel: 020 7379 5151
To view the complete Final Results document in portable document format (PDF) click here (548 Kb).
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