APR Energy To Relist Shares As Temporary Power Demand Booms

Date : 09/05/2011 @ 3:21AM
Source : Dow Jones News
Stock : Aggreko (AGK)
Quote : 739.4  -1.0 (-0.14%) @ 11:35AM
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APR Energy To Relist Shares As Temporary Power Demand Booms

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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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