(25 Aug 2011)
Interim Results for the six months to 30 June 2011
Aggreko plc, the world leader in the supply of temporary power and temperature control, announces its interim results for the six months to 30 June 2011.
|Group revenue excl pass-through fuel
|Trading profit (2)
|Profit before tax
|Earnings per share
|Dividend per share
(1) All figures in the table above and elsewhere unless otherwise stated are before amortisation of intangible assets arising from business combinations (2011: £1.7m pre-tax, £1.2m post-tax; 2010: £1.4m pre-tax, £0.9m post-tax) as management believe that the exclusion of such items provides a better comparison of business performance. On a statutory basis, post amortisation trading profit was £125.4m (2010: £129.8m), post amortisation profit before tax was £119.0m (2010: £125.7m) and post amortisation earnings per share were 31.69p (2010: 32.49p).
(2) Trading profit represents operating profit before gain on sale of property, plant and equipment.
(3) “Underlying” is defined as: constant currency and excluding one-off sporting events held in 2010 i.e. Vancouver Winter Olympics, FIFA World Cup and Asian Games, as well as pass-through fuel.
- Both International Power Projects and the Local business delivered good growth. Underlying group revenues up 21% and trading profit up 17%.
- Strong demand for International Power Projects; underlying revenues up 24% and trading profit up 17%.
- Closing order book at record levels
- 25 new contracts signed for 730 MW, including major new projects in Japan, Argentina and Tanzania.
- Local businesses underlying revenues up 19% and trading profit up 17%.
- North America and Australia recover strongly
- Investment in fast-growing economies begins to pay off.
- Increased pace of investment: fleet capital expenditure grew by £70 million to £169 million.
- £151 million return of capital completed in July; in addition interim dividend to be increased by 10%.
Philip Rogerson, Chairman, commented:
“Aggreko delivered a strong underlying performance in the first half of 2011, with revenue growing by 21% and trading profit by 17%. Reported revenue increased by 9% and reported trading profit decreased by 3%.
Although the prospects for the global economy in the months ahead are uncertain, we believe that profit before tax and amortisation for the year as a whole will be higher than we indicated at the time of our Trading Update at the end of June; we now expect it to be around £315 million. This would equate to a rate of growth in underlying profits of around 24%.”
Rupert Soames, Chief Executive, commented:
“We generated nearly £50 million of revenue from one-off sporting events in the first half of 2010, and consequently the headline numbers in 2011 were always going to make tough comparators. However, the underlying rate of growth in revenues is running at over 20%, and it is also encouraging to note that this growth is being delivered by both the Local business and International Power Projects. We are now well placed to deliver a strong second half.”
Regional performance metrics:
||Trading Profit millions (1)
|Europe & Middle East
|International Power Projects
(1)Trading profit represents operating profit before gain on sale of property, plant and equipment and is before amortisation of intangible assets arising from business combinations.
(2) “Underlying” is defined as: constant currency and excluding one-off sporting events held in 2010 i.e. Vancouver Winter Olympics, FIFA World Cup and Asian Games, as well as pass-through fuel.
View the complete Interim Results document in Adobe Portable Document Format (PDF, 141KB).