Aggreko Plc — Earnings Release 2013

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RNS Number : 2381H

Aggreko PLC

18 June 2013

18 June 2013

Aggreko plc

TRADING UPDATE

First half trading in line with our expectations; full year guidance unchanged.

Aggreko plc, the world leader in the supply of temporary power and temperature control, is giving the following update on trading prior to entering its close period in respect of the half-year ending 30th June 2013.  Interim results will be announced on Thursday, 1st August 2013.

Trading

The Group expects to deliver results for the first half that are in line with our expectations. We anticipate that, on both an underlying and a reported basis, Group revenues in the first half will grow by around 5% and trading profits will be at similar levels to the prior year.  "Underlying" excludes the impact of the London Olympics, the Poit Energia acquisition, pass-through fuel and currency movements. 

On an underlying basis the Americas region is expected to grow revenues by around 11%, and EMEA by around 8%; APAC is expected to deliver revenues around 6% lower than last year, principally due to lower revenues from Japan and Indonesia.

Power Projects revenues are expected to be around 1% ahead of last year on both an underlying and reported basis. As anticipated, margins are likely to be lower than the prior year, in part due to mobilisation costs from the 220MW of gas plants we are commissioning in Mozambique and in the Côte d'Ivoire; the majority of these costs will arise in the second quarter. Order intake for the first half will be around 400MW which includes a summer peak-shaving contract in Tunisia of over 100MW as well as the previously-announced 122MW cross-border power project supplying power to Namibia and Mozambique; encouragingly, we have won two further contracts for our new HFO product.

The Local business is on track to deliver a strong first half, with revenues growing by around 9% on an underlying basis and 8% on a reported basis; margins are expected to be a little higher than last year.

Outlook

We expect the Local business to deliver a strong first half while trading in Power Projects remains subdued, albeit that the prospect pipeline has improved since the start of the year.  In the second half, revenues in Power Projects are expected to be higher than in the first as our new gas contracts in Mozambique and Côte d'Ivoire come on line, and we expect that the Local business will continue to deliver growth. Overall, our expectations for the full year remain unchanged.

- ENDS -

Enquiries to:

Rupert Soames / Angus Cockburn

Aggreko plc

Tel. 0141 225 5900

Neil Bennett / Tom Eckersley

Maitland

Tel:  020 7379 5151

This information is provided by RNS

The company news service from the London Stock Exchange

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