Aggreko Sees Accelerated 2nd Half Growth, Fiscal Year Trading Profit With Views
June 20 2011 - 2:44AM
Dow Jones News
Aggreko PLC (AGK.LN), a supplier of temporary power and
temperature control, Monday said the rate of underlying growth seen
in the first quarter has accelerated in the second quarter, and the
Group expects to deliver a strong underlying performance in the
first half as a whole, and added that trading profit for the year
is expected to be in line with previous guidance.
MAIN FACTS:
-The company anticipates that, in the first half, Group revenue
in constant currency and excluding pass-through fuel will be 9%
higher than 2010.
-Trading profit is expected to be similar to 2010, representing
20% growth in revenue and 17% growth in trading profit on an
underlying basis
-In International power projects, 1H revenue in constant
currency and excluding pass-through fuel is expected to be around
22% higher than in 2010.
-The year-on-year growth in MW on hire has accelerated from 14%
at the start of the year, and is likely to be around 25% at the
start of the second half; order intake for the first half will be
at least 530 MW.
-Anticipates that Local business revenues in the first half will
be broadly similar to 2010 in constant currency, but will grow by
17% on an underlying basis
-Outcome for the year as a whole will be heavily dependent on
trading during the peak summer season.
-The company has decided to raise the rate of fleet investment
by a further GBP30 million, taking forecast fleet capital
expenditure for the year to GBP420 million.
-Believes the rate of growth in underlying profits for the year
as a whole will be a little higher than the 20% underlying Trading
Profit growth previously expected
-Reiterates previous guidance for headline Trading Profit for
the year to be slightly ahead of 2010
-Shares closed Friday at 1911 pence valuing the company at
GBP5.25 billion.
-By Peter Evans, Dow Jones Newswires; 44-20-7842-9308;
peter.evans@dowjones.com
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