Aggreko plc, a global supplier of temporary power, temperature control and oil-free compressed air services, last week announced its interim results for the six months to June 30.
The company reported a 33-percent increase in revenues to £317.5 million (about U.S. $645.1 million) from £238.0 million (U.S. $483.6 million), driven by record levels of investment in new fleet and the successful integration of the GE Energy Rentals acquisition.
Earnings per share were £11.64 in the first six months of 2007 (U.S. $23.65), compared with £7.14 per share a year ago (U.S. $14.51).
The company said demand for international power projects is extremely strong, with revenues up 74 percent in constant currency and excluding pass-through fuel. In addition, the company said margins were boosted by exceptionally high utilization levels.
“I am pleased to report that Aggreko has produced another very strong set of results for the first half of 2007,” said Philip Rogerson, Aggreko chairman. “The most notable performance was in Aggreko International, where the strong demand we have seen in the last few years continues unabated, and revenues grew by 68 percent; our European business grew revenues by over 30 percent, and in North America revenues grew by 14 percent.
“We now anticipate that Aggreko’s performance for the year will be well ahead of market expectations.”
“The growth in our revenues and earnings is the result of strong demand, greatly increased investment in new rental fleet, and the successful integration of the GE Energy Rentals business, which we acquired in December 2006,” said Rupert Soames, CEO. “In many of the 90 countries in which we operate, there are power shortages caused by demand outstripping supply and ageing infrastructure; these issues will not be resolved quickly, and we foresee a growing need for temporary power.”
Houston-based Aggreko North America is No. 12 on the RER 100.
