Aggreko PLC Trading Statement
RNS Number : 2587X
23 June 2008
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 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.