Aggreko said it anticipates its first-half revenues, in constant currency and excluding pass-through fuel, will be about 9 percent higher than the same period last year. In its trading update the company released prior to the end of the first half on June 30, the company said its trading profit to be similar to 2010, with a 20 percent increase in revenue and 17-percent hike in trading profit on an underlying basis. The company will release interim results August 25.
In Aggreko’s International Power Projects business, its rate of year-on-year revenue growth in the second quarter is accelerating as projects it signed at the end of 2010 and early in 2011 come on line. Revenue in the first half of 2011 in constant currency is expected to be about 22 percent higher than in 2010. The company expects to increase its capacity on rent by at least 600 MW during the first half.
Revenue for the Local Business division in the first half will be broadly similar to 2010 in constant currency, but will grow by about 7 percent on an underlying basis, the company said. Aggreko’s North American business is expected to grow about 24 percent, while the company expects European and Middle East business to grow about 7 percent. International Local Business is expected to grow about 29 percent, with most countries growing strongly year over year. Aggreko opened new branches in Lima, New Delhi, and Durban, South Africa, and completed the acquisition of NZ Generators Limited.
Aggreko expects MW on rent in the second half to exceed the first half. As a result of this and a strong pipeline of inquiries, the company plans to raise its rate of fleet investment by an additional £30 million (about U.S. $48.6 million) in addition to the £70 million increase the company announced in April, thus taking its forecasted fleet capital expenditure for the year to about £420 million (about U.S. $680 million).
Based in Scotland, with U.S. headquarters in Houston, Aggreko North America is No. 6 on the RER 100.
