Financial Releases
Interim results for the six months to 30 June 2010
25 Aug 2010
Aggreko plc, the world leader in the supply of temporary power and temperature control, announces its interim results for the six months to 30 June 2010.
| |
2010
pre-intangible
asset
amortisation |
2009
pre-intangible
asset
amortisation |
Movement pre- intangible
asset amortisation |
2010
post-intangible
asset
amortisation |
As
reported |
Constant
currency |
|
|
|
|
|
|
| Group revenue |
£583.6m |
£499.8m |
16.7% |
16.7% |
£583.6m |
| Group revenue excl |
|
|
|
|
|
| pass-through fuel |
£546.5m |
£474.8m |
15.1% |
14.9% |
£546.5m |
| Trading profit(1) |
£131.2m |
£107.0m |
22.6% |
22.4% |
£129.8m |
| Profit before tax |
£127.1m |
£106.9m |
18.9% |
|
£125.7m |
| Earnings per share |
32.84p |
27.07p |
21.3% |
|
32.49p |
| Dividend per share |
6.55p |
4.37p |
50.0% |
|
6.55p |
(1) Trading profit represents operating profit before gain on sale of property, plant and equipment.
(2) All figures below are stated before amortisation of intangible assets arising from business combinations (2010: £1.4m pre-tax, £0.9m post-tax; 2009: £1.2m pre-tax, £0.8m post-tax) as management believe that the exclusion of such items provides a better comparison of business performance.
Highlights:
- Another strong performance, with revenue in constant currency and excluding pass-through fuel increasing by 15% and trading profit by 22%
- Interim and final dividend to be increased by 50%, reflecting very high levels of profit growth over recent years and confidence in the prospects for the business
- Record order intake in International Power Projects; contracts signed for 860MW in 18 countries
- 650MW of new contracts in Asia and Central & South America, delivering strategic goal to increase presence in these regions
- Closing order book up 49% on prior year
- 40% increase in volume of gas-powered generation on rent
- Strong performance by Local businesses
- Outstanding performance in major events: Vancouver Winter Olympics, FIFA World Cup, Glastonbury, US Superbowl, Eurovision Song Contest and UK & US Golf Open Championships
- Signs of recovery in several territories in second quarter; rates beginning to improve
- Strong start to summer trading in North America, supporting Gulf of Mexico clean-up and Nashville floods
- Good progress in new countries: 70MW on hire in Russia, 50MW in India
- Continued investment and strong operating cashflow; capital expenditure 134% of depreciation, but net debt still falls £16m
Philip Rogerson, Chairman, commented:
“Aggreko delivered another strong performance in the first half of 2010 with reported revenue increasing by 17% and reported trading profit increasing by 23%. Earnings per share, pre-intangible asset amortisation, increased by 21% to 32.84 pence. The trading performance was underpinned by the Vancouver Winter Olympics and the FIFA World Cup contracts. I am also delighted to report that we intend to recommend an increase of 50% to both the interim and final dividend.”
“We believe that we will make further good progress in the second half and that the outcome for the year as a whole will be slightly better than our previous expectations.”
Rupert Soames, Chief Executive, commented:
“In the first half we have laid the foundations for another year of good progress. The record level of order intake in International Power Projects and the strong performance in our Local businesses underline the strength and global reach of our business”.
Regional performance metrics:
| |
Revenue
millions |
Constant currency
change |
Trading Profit
millions* |
Constant currency
change |
| |
2010 |
2009 |
% |
2010 |
2009 |
% |
| North America |
$175.3 |
$140.4 |
23.5% |
$23.8 |
$17.3 |
37.5% |
| Europe & Middle East |
£125.1 |
£122.1 |
3.9% |
£14.0 |
£14.4 |
(1.3)% |
International Local
business |
£85.0 |
£48.5 |
50.8% |
£23.9 |
£10.6 |
86.0% |
International Power Projects
excl fuel |
$337.4 |
$313.4 |
7.7% |
$117.1 |
$104.4 |
12.4% |
* Trading profit represents operating profit before gain on sale of property, plant and equipment and is before amortisation of intangible assets arising from business combinations.
- ENDS -
| Enquiries to: |
Rupert Soames / Angus Cockburn |
| |
Aggreko plc |
| |
Tel. 0141 225 5900 |
| |
|
| |
Neil Bennett / George Hudson |
| |
Maitland |
| |
Tel: 020 7379 5151 |
View the
complete Interim Results document in Adobe Portable Document Format (PDF, 157KB).
This document can be viewed using Adobe Acrobat® Reader, which is free to download.