Aggreko PLC Trading Statement
Aggreko plc, the world leader in the supply of
temporary power, temperature control and oil-free compressed air
services, is giving the following update on trading prior to
entering its close period in respect of the half-year ending 30th
June 2008. Interim results will be announced on Tuesday, 26th
August 2008
Trading Update
Trading has been strong in
the first half, and we expect that revenues will grow by about 25%
(22% in constant currency) and profit before tax will be about
40%
higher than the prior year.
This growth has been broadly-based; our Local Businesses in the
Middle East, Asia, Australia, Central & South America have
all
made good progress and we
also expect trading profits in Europe to be significantly higher
than the prior year. As anticipated, trading profits in
North America will be lower
than the prior year on revenues slightly higher. In International
Power Projects, continued investment has enabled us to grow the
rental fleet by about 40% year-on-year, utilisation has been
running at high levels, and profits will be well ahead.
Looking ahead to the full
year, the results in Europe and North America will be influenced by
the summer season, which has got off to an encouraging start, with
the UEFA football championships in Europe and high temperatures in
North America. In both areas a modest reduction in demand for power
has been more than offset by strong demand for temperature control.
If we achieve our historical average level of storm revenues, we
would expect trading profits in North America to be at similar
levels to last year. In Europe we expect to make good progress in
the year as a whole, and we also anticipate substantial increases
in trading profits in Aggreko International's Local Businesses.
Preparations for the Beijing Olympics are well in hand, with over
140 MW of power and nearly 500 kilometres of cable in the process
of being installed in 37 venues. We expect that International Power
Projects will deliver another year of outstanding growth in
profits.
Overall the Board now
believes that profits for the full year are likely to be above
current market expectations.
Enquiries to:
Rupert Soames / Angus Cockburn
Aggreko plc
Tel: 0141 225 5900
Neil Bennett
Maitland
Tel: 020 7379 5151