APR Energy To Relist Shares As Temporary Power Demand Booms
September 05 2011 - 3:21AM
Dow Jones News
APR Energy PLC, a supplier of temporary power generators, said
Monday its revenue for August 2011 and its order book have almost
doubled as it announced plans to relist its shares later this month
and capitalize on power shortages in emerging markets.
APR, the second largest player in the global temporary power
market after London-listed peer Aggreko PLC (AGK.LN), was bought
for $855 million in June by Horizon Acquisition Co. PLC (HZN.LN), a
cash shell backed by entrepreneur Hugh Osmond.
Shares in Horizon will resume trading on the London Stock
Exchange as APR Energy PLC, the company said.
Revenue during August was up 93% on the prior year at $22.8
million, while the group has an order book for 6,935
megawatt-months of energy, compared with 3,611 megawatt-months at
the same point in 2010, it added. APR also said it plans to pay an
annual dividend, although the majority of profits will be
reinvested in growing the company.
"Although we have experienced rapid historic growth, to date we
have been constrained by a shortage of capital. The cash introduced
through our reverse into Horizon, coupled with the access to
capital markets and our fast growing cash flows, will enable us to
compete across the whole market and accelerate our growth further,"
APR Chief Executive John Campion said.
The company, which focuses largely on emerging markets, received
a contract in April from Tokyo Electric Power Co. Inc. (9501.TO) to
replace lost power supplies in the wake of the March
earthquake.
Revenue was $126 million in 2010, up from $37 million in
2007.
APR's shareholders include George Soros' hedge fund, and
Albright Capital Management, headed by former U.S. secretary of
state Made-leine Albright, which together own 27% of the
company.
-By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268;
tommy.stubbington@dowjones.com
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