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