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Financial Releases

Interim Results for the six months to 30 June 2006

14 Sep 2006

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 2006.

(1) Trading profit represents operating profit before gain on sale of property, plant and equipment.

Key points include:

• Strong revenue growth across all our businesses
• Rolling 12-month return on capital employed increases from 15.6% to 21.1%
• Local businesses:
  
  • North America: revenue and trading profit increased by 37% and 141% respectively as new structure continues to deliver strong base business growth and margin improvement.
    
  • Europe: revenues grew 14%, and profits slightly ahead. Expectation that second half will be much stronger than last year.
    
  • Middle East, Asia, Australia, South America: revenue increased by 40% and trading profit increased by 52%.
• International Power Projects:
  
  • New contract wins and strong renewals drove 40% revenue growth and 20% trading profit increase.
    
  • Slight reduction in trading margin due to contract mobilisation costs, but return on capital improved from 18% to 20%
    
  • Major new contracts won in first half in Yemen, Uganda, Kenya
    
  • Recent Tanzanian gas power contract win
• Initial rollout of ERP system completed in both Europe and North America
• Good start to the second half in all businesses. Expectations of further year-on-year progress, notwithstanding $32 million exceptional hurricane-related revenue in the second half of 2005.

The Group had a very strong first half. Reported revenue increased by 42.4% to £238.0 million. Group revenue in constant currency and excluding pass-through fuel revenue increased by 31.3% to £219.7 million; on the same basis trading profits increased by 60.4% to £30.1 million. Group pre-tax profits rose to £29.6 million, an increase of 78.4% on last year’s profits, and basic earnings per share grew by 71.9% to 7.14 pence. The interim dividend will be increased by 8.0% to 2.53 pence.

Philip Rogerson, Chairman, commented:

“I am pleased to report that Aggreko has produced a very strong set of results for the first half of 2006, with earnings per share 72% ahead of last year. The businesses in North America and International have continued to grow strongly, and we are also making good progress in Europe.”

“At a Group level, we now expect Aggreko’s performance for the year to be ahead of our previous expectations.”

Rupert Soames, Chief Executive, commented:

“We are delighted by Aggreko’s performance during the first half of 2006. Our Local businesses grew revenue by 29% in constant currency, and trading profits by 93%. The International Power Projects business also grew underlying revenue by 40% and trading profit by 20%. We believe that Aggreko will continue to perform strongly in the second half.”

View the complete Final Results document in portable document format (PDF, 170KB).

This document can be viewed using Adobe Acrobat® Reader, which is free to download.

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