INTERIM RESULTS
FOR THE SIX MONTHS TO 30 JUNE 2008
Aggreko plc, the world leader in the supply of
temporary power, temperature control and oil-free compressed air
services, announces its interim results for the six months to 30
June 2008.
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2008 post-
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2008 pre-
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2007 pre-
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Movement
pre-intangible
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intangible
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intangible
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intangible
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asset amortisation
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asset
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asset
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asset
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As
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Constant
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amortisation
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amortisation
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amortisation
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reported
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Currency
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Group revenue
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£407.7m
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£407.7m
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£317.5m
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28.4%
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24.2%
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Trading profit (1)
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£72.5m
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£73.2m
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£51.7m
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41.7%
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36.4%
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Profit before tax
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£67.9m
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£68.6m
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£48.3m
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41.9%
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Earnings per share
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16.97p
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17.13p
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11.83p
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44.7%
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Dividend per share
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3.80p
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3.80p
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3.04p
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25.0%
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(1)
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Trading profit represents operating profit
before gain on sale of property, plant and equipment.
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(2)
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All figures below are stated before
amortisation of intangible assets arising from business
combinations (2008: £0.7m pre-tax, £0.4m post-tax; 2007: £0.8m
pre-tax, £0.5m post-tax) as management believe that the exclusion
of such items provides a better comparison of business
performance.
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Highlights:
- Continued strong
momentum, with revenues increasing 28% (24% in constant currency)
and Trading Profit up 42% (36% in constant currency).
Earnings per Share up 45%, Return on Capital Employed up 3pp to
28%.
- Growth driven by strong
demand in emerging markets and high rates of investment in new
rental fleet (£120m H1 08, £79m in H1 07).
- Excellent operational
performance at Beijing Olympic Games.
- Local business
increases revenues by 18% in constant currency
- 3pp increase in
margin
- Growth broadly based
with strong profit growth in Middle East, Asia, Australia, Central
& South America and Europe
- North America has held
profit at same level as last year despite difficult economic
conditions.
- International Power
Projects revenues up 34% in constant currency
- 22 new contracts signed
in the first 6 months in Africa, South America and Asia
- 40% increase in fleet
capacity year on year
- Record order-book of
over 22,000 MW months.
- Sharp increase in rate
of dividend growth.
Philip Rogerson, Chairman,
commented:
“Aggreko has delivered another strong
operational and financial performance in the first six months of
2008, with trading profits in constant currency in our Local
Businesses and International Power Projects increasing by 42% and
30% respectively.”
“We now anticipate that Aggreko’s performance
for the year will exceed current market expectations”.
Rupert Soames, Chief Executive,
commented:
“The structural imbalance between global
demand for, and the supply of, power continues to drive our
business, and we are investing heavily in new fleet as well as
rapidly expanding our reach, capability and scale to meet strong
demand in emerging markets. The momentum we have developed in
our businesses in the Middle East, Asia, Africa and Central &
South America will more than offset softer demand in North America
and Europe and will enable us to deliver another very strong
performance in the second half”.