HOUSTON —Aggreko plc, helped by strong trading in its Local businesses and the London 2012 Olympics, posted a 22-percent revenue growth in the third quarter, growing underlying revenue by 13 percent. Its International Power Projects division grew 15 percent, excluding pass-through fuel and currency movements.
Order intake fell short of last year’s third quarter, but shortly after the quarter ended the company signed two contracts including a second contract for 74 MW with the Hokkaido Electric Co. in Japan, which brings year-to-date order intake to 870 MW, compared with 944 MW at the same point in 2011. When the Hokkaido plant is commissioned, Aggreko will have more than 240 MW on rent in Japan, more than in the immediate post-Tsunami period. Capacity on rent at the end of the quarter was up 17 percent year over year.
Aggreko’s Local division delivered a better-than-expected 32-percent revenue increase, with North America growing 13 percent, Europe and the Middle East 8 percent. Aggreko finalized the value of the Olympics contract at £59 million (about U.S. $94.4 million).
The company said it expects to spend about £415 million (about U.S. $664 million) on fleet capital expenditure in 2012. However, needing to absorb the fleet the company built in the first half for the London Olympics, along with a weakening macro-economic outlook in many developing countries, Aggreko’s rate of fleet capital expenditure in the first half of 2013 is likely to be lower than in 2012, the company said.
In other Aggreko news, the company said it is planning to expand further in China, after landing a growing number of projects in the country since opening its operations there in 2006, China Daily is reporting. Aggreko officials told China Daily that Aggreko plans to add to the three service centers it already runs in the country.
Aggreko’s business in China includes specialized industrial services to sectors such as oil and gas, shipbuilding, petrochemicals and mining, as well as power supply services to all kinds of businesses.
Headquartered in Scotland, with North American headquarters in Houston, Aggreko is No. 6 on the RER 100.
