Aggreko plc, world leader in temporary power and temperature control services, posted a 15-percent jump in group revenue for the first half of 2012, with £734 million (about U.S. $1.15 billion), compared with £637 million for the first half of 2011. Trading profit was £157 million, a 25-percent spike compared with £125 million a year ago.
Group trading margin was 21 percent, compared with 20 percent for the year-ago half. Group profit before tax increased 23 percent to £146 million, compared with £119 million a year ago. Group return on capital employed, measured on a rolling 12-month basis, was 26.2 percent.
Fleet capital expenditure for the period was £220 million, £50 million higher than the previous year. A large part of the year-over-year increase was accounted for by equipment purchased to serve the London Olympics contract, which, after the games, will be put to use in the wider business. The Aggreko International business accounted for 54 percent of fleet investment.
Revenue in North America was £132 million (about U.S. $208 million), compared with £115 million for the first half of 2011. Rental revenue increased 10 percent in North America, and services revenue jumped 19 percent. North America revenue growth was driven by power rental revenue, which surged 27 percent, with much growth coming from the oil and gas sector. Power volume grew significantly and rates also increased. The North American business also upgraded its diesel generator fleet with latest emissions technology as it began taking delivery of fleet with Tier 4 interim engines.
Aggreko expects good growth in the second half of the year in North America and for the year as a whole.
Based in Scotland with North American headquarters in Houston, Aggreko is No. 6 on the RER 100.
