Interim Results for the six months to 30 June 2012
02 Aug 2012
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 2012.
|Group revenue excl pass-through fuel
|Trading profit (3)
|Profit before tax
|Diluted earnings per share
|Dividend per share
- Strong performance in the first half; reported revenue and trading profit increased by 15% and 25% respectively; underlying revenue and trading profit up by 16% and 23% respectively. Earnings per share up 30%.
- Both International Power Projects and the Local business grew trading profits by over 20%.
- International Power Projects underlying revenue grew 17% and trading profit by 22%
- 669 MW of new work won: 196 MW in Asia, 116 MW in Latin America; and 357 MW in Africa & Middle East
- Record order book up 16% on prior year; 14 months’ revenue at current run rate
- Doubled amount of gas-fired capacity on rent.
- Local business underlying revenue grew 15% and trading profit by 24%
- Increases in power volumes and rates in North America drive a strong first half; continued growth expected in second half
- Europe & Middle East will have strong year, helped by the Olympics. Underlying growth is patchy
- Aggreko International’s Local business underlying revenue and trading profit grew 27% and 34% respectively in first half; further strong growth expected in second half.
- Successful start to London Olympics with over 550 generators and 1,500 kilometres of cable deployed on 44 sites; contract will be worth around £55 million.
- Poit Energia acquisition completed and performing in line with our expectations.
- Interim dividend to increase by 15%.
Rupert Soames, Chief Executive, commented:
“Aggreko delivered another strong performance in the first half of 2012 with underlying growth of 16% in revenue and 23% in trading profit.”
“It’s been a very successful six months. We substantially expanded our Latin American business with the acquisition of Poit Energia in Brazil; we have built a new temporary power plant in Mozambique, which, uniquely, is providing power both to both the South African and Mozambique utilities, and which will deliver revenues of over $200 million over the next two years; our order-book is at record levels; we have opened our new manufacturing facility in Scotland; and we have delivered what will be the world’s largest contract for temporary power for a major sporting event, in the form of our work as the exclusive supplier of temporary power for the London Olympics.”
“Looking ahead, we continue to believe that we will deliver another year of good growth in 2012, and we reiterate our previous guidance of fleet capital expenditure of around £415m.”
Regional performance metrics:
||Trading Profit millions
|Europe & Middle East
|International Power Projects
(1)All figures are before amortisation of intangible assets arising from business combinations (2012: £2m pre-tax, £1m post-tax; 2011: £2m pre-tax, £1m post-tax). On a statutory basis, post amortisation trading profit was £157m (2011: £125m), post amortisation profit before tax was £146m (2011: £119m) and post amortisation diluted earnings per share were 40.91p (2011: 31.58p).
(2)“Underlying” is defined as: adjusted for currency movements, pass-through fuel, the Poit Energia acquisition, the London Olympics and the Asian Games.
(3)Trading profit represents operating profit before gain on sale of property, plant and equipment.
- ENDS -
||Rupert Soames / Angus Cockburn
||Tel: 0141 225 5900|
||Neil Bennett / Tom Eckersley|
||Tel: 020 7379 5151|
View the complete Interim Results document in Adobe Portable Document Format (PDF, 620KB).