Financial Releases
Interim results for the six months to 30 June 2005
15 Sep 2005
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 2005 in accordance with International Financial Reporting Standards (IFRS).
The Group made good progress in the first half. Reported revenue increased by 10.9% to £167.2 million. Group revenue in constant currency1 and excluding £4.9 million of pass-through fuel revenue2 increased by 9.8% to £162.3 million; on the same basis trading profits increased by 8.0% to £17.8 million. Group pre-tax profits rose to £16.6 million, an increase of 5.8% on last year’s profits before exceptional items, and basic earnings per share grew by 4.1% to 4.16 pence. The interim dividend will be increased by 4.0% to 2.34 pence.
|
|
|
Movement |
|
Six months
to 30 June
2005 |
Six months
to 30 June
2004 |
As reported |
Constant
Currency |
Group revenue |
£167.2m |
£150.8m |
10.9% |
12.0% |
Trading profit * |
£17.8m |
£16.8m |
6.1% |
8.0% |
Profit before tax * |
£16.6m |
£15.7m |
5.8% |
|
Earnings per share * |
4.16 |
3.99 |
4.1% |
|
Dividend per share |
2.34p |
2.25p |
4.0% |
|
* Pre-2004 exceptional items
Key points include:
- New strategy launched in March 2004 delivered solid progress in the first half. Implementation running to plan.
- Outlook for full year sharply increased: prospect of strong growth in both revenues and profits in the second half.
- New area structure driving continued improvement in North American performance – revenues up 11% and trading profit up 47%.
- 33% revenue growth in the Middle East, Asia, Australia and South America; infrastructure investment and oil & gas driving strong demand.
- International Power Projects revenue up 10%. Strategy of expanding sales reach producing results with project wins in seven new countries.
- Europe remains challenging, with lower profits, but some signs of improvement. Second half expected to be ahead of prior year.
- Separate announcement gives update of latest situation regarding the operational impact of Hurricane Katrina. No material balance sheet impact foreseen, and Aggreko’s 2005 storm-related revenues likely to be towards the upper end of the historic levels.
1 Constant currency takes account of the impact of translational exchange movements in respect of our businesses which operate in currency other than sterling.
2 Pass through fuel revenue relates to contracts in our International Projects business where we pass on fuel costs to the customer at no profit margin.
Chairman Philip Rogerson commented:
“I am pleased to report that good progress has been made in both the implementation of our strategy and in our trading performance in the first half. We expect further progress to be made in the second half, and for profits to be well ahead of the prior year. For the year as a whole we now expect profits to be at least £50 million.”
Rupert Soames, Chief Executive of Aggreko commented:
“The first half has seen the benefits of our strategy, announced in March 2004, beginning to show through. In our Local businesses, constant currency revenues grew by 10%, and trading profits by 23%. The International Power Projects business, which also grew underlying revenues by 10%, continued to improve its sales reach, winning projects in seven new countries. We expect to have a strong second half and sharply improved profits for the year as a whole.”
- ENDS -
Enquiries to :
Rupert Soames / Angus Cockburn
Aggreko plc
Tel. 0141 225 5900
Fiona Piper
The Maitland Consultancy
Tel: 020 7379 5151
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