Financial Releases
Interim results for the six months to 30 June 2004
16 Sep 2004
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 2004.
The Group's reported trading performance has been heavily influenced by movements in exchanges rates, in particular the weak US dollar, and by reductions in the volume of fuel passed through our books at nil margin in Sri Lanka. The combined impact of these movements was to reduce reported revenue by £13.7 million and trading profit by £0.3 million.
Group revenues, excluding Sri Lankan fuel, grew by 2.6% in constant currency, against a reported decline of 5.4%. On the same basis, revenues in North America and International grew by 7.0% and 4.6% respectively, whilst revenues in Europe declined by 3.4%.
|
|
|
Movement |
|
Six months to 30 June 2004 |
Six months to 30 June
2003 |
As reported |
Constant
Currency
excl. Sri
Lankan fuel |
| Group turnover |
£150.8m |
£159.3m |
(5.4%) |
2.6% |
North America |
£46.5m |
£49.1m |
(5.2%) |
7.0% |
Europe |
£49.8m |
£52.1m |
(4.5%) |
(3.4%) |
International
(excl Sri Lanka fuel) |
£53.0m |
£51.2m |
3.3% |
4.6% |
| Trading profit * |
£16.7m |
£17.8m |
(6.0%) |
(4.0%) |
| Profit before tax * |
£15.6m |
£17.2m |
(9.3%) |
|
| Earnings per share * |
3.97 |
4.37 |
(9.3%) |
|
| Dividend per share |
2.25p |
2.20p |
+2.3% |
|
* Pre-exceptional items
Highlights
- Good progress on implementing strategy review.
- North America revenues grew 7.0% in constant currency, and 13.4% on a like-for-like basis. Profits sharply up; trading margin increased from 1.1% to 7.0%.
- Demand continues to be weak in Europe; constant currency revenues were down 3.4%. Regional profitability fell.
- International revenues, excluding Sri Lanka fuel, grew 4.6 % in constant currency. On a like-for-like basis, however, revenues grew 11.7% and trading profit by 16%.
- Previously announced exceptional costs of £13.7m relating to implementation of new strategy.
- Dividend per share increased 2.3% to 2.25p.
Rupert Soames, Chief Executive of Aggreko commented:
"We are pleased with the progress made by the company in the first half, in particular in our North American business where there has been a sharp turnaround in business performance. Our International business is also making good progress, and our strategy of building presence in new territories has taken an important step forward with the winning of our first utility project in Brazil.
"The restructuring of our service network into a hub-and-spoke configuration is progressing in line with expectations. The centralised administration centre for the UK opened ahead of schedule, and our newest centre in Aachen - which will serve Benelux and Germany - opens this month. The depot re-structuring in North America is substantially complete, and our new ERP system in Benelux is working well.
"We expect that profit before tax for the full year will be at least £38 million, which was the level achieved last year on a constant currency basis."
- ENDS -
Enquiries to :
Rupert Soames / Angus Cockburn
Aggreko plc
Tel. 0141 225 5900
Fiona Piper
The Maitland Consultancy
Tel: 020 7379 5151
Note:
"Constant currency" refers to the impact of translating the 30 June 2003 results of our overseas businesses into sterling at the 2004 average exchange rates. "Like-for-like" takes account of service-centre closures in North America and transactional currency effects in International.
To view the complete Interim Results document in portable document format (PDF) click here (134 Kb).
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