Aggreko’s Underlying Revenues Grow 8 Percent in First Calendar Quarter

April 12, 2013

Aggreko plc, world leader in the supply of temporary power and temperature control said its underlying group revenues grew 8 percent in the first three months of 2013, excluding revenues from the London Olympics, the Poit Energia acquisition, pass-through fuel and currency movements. On a reported basis, revenues hiked 7 percent the company said in its Interim Management Statement.

Local Business has had a strong start to the year, with 17-percent more power on rent than a year ago. Power Projects improved order intake, with notable contracts including 122 MW of cross-border power to Namibia and Mozambique and a new heavy fuel oil contract for 56 MW in the Caribbean.

The Americas region boosted revenue 9 percent on an underlying basis. Asia Pacific and Australia increased 1 percent year over year, with Europe, Middle East and Africa jumping 13 percent on an underlying basis.

In the Power Projects division, revenues grew 5 percent year over year on an underlying basis. Trading margins were at similar levels. Its first-quarter order intake of 260 MW was stronger than Q4 2012.

“We now expect to spend around £130 million (about U.S. $200 million) in the first half on fleet capital expenditure, and around £260 million for this year as a whole, although as always we will increase or decrease our rate of investment depending on market conditions,” Aggreko said in a statement.

Aggreko added that expectations for the year remain unchanged from previous guidance.

Aggreko, based in Scotland with U.S. headquarters in Houston, is No. 6 on the RER 100.