Aggreko’s North America Unit Posts 24.8-Percent First-Half Revenue Hike

Aug. 27, 2010
Aggreko reported a 16.7-percent increase in group revenue for the first half of 2010, posting £583.6 million (about U.S. $906.4 million) compared with £499.8 million for the first half of 2009. Its North America division posted $175.3 million, a 24.8-percent increase compared with $140.4 million for the first half of 2009.

Aggreko reported a 16.7-percent increase in group revenue for the first half of 2010, posting £583.6 million (about U.S. $906.4 million) compared with £499.8 million for the first half of 2009. Its North America division posted $175.3 million, a 24.8-percent increase compared with $140.4 million for the first half of 2009.

Aggreko’s Europe and Middle East business increased slightly, from £122.1 million for the first half of 2009 to £125.1 this year. Aggreko’s International Local Business division posted a dramatic 75.3-percent leap to £85 million compared with £48.5 for the same period a year ago, while International Power Projects increased 7.7 percent to $337.4 million compared with $313.4 million for the year-ago period.

Aggreko posted a record order intake in International Power Projects, and has contracts signed for 860 MW in 18 countries, with 650 MW of new contracts in Asia and Central and South America, delivering on a strategic goal to increase its presence in those regions. The company posted a 40-percent increase in volume of gas-powered generators on rent.

The company provided equipment to the Vancouver Winter Olympics, FIFA World Cup, Glastonbury, the Super Bowl, the Eurovision Song Contest, and U.K. and U.S. Open Golf championships. In the U.S., support for the Gulf of Mexico clean-up and floods in Nashville, Tenn., supplied revenue.

“Aggreko delivered another strong performance in the first half of 2010 with reported revenue increasing by 17 percent and reported trading profit increasing by 23 percent,” said Aggreko chairman Philip Rogerson. “Earnings per share, pre-intangible asset amortization, increased by 21 percent. The trading performance was underpinned by the Vancouver Winter Olympics and FIFA World cup contracts. We believe that we will make further good progress in the second half and that the outcome for the year as a whole will be slightly better than our previous expectations.”

“In the first half, we have laid the foundations for another year of good progress,” added Aggreko chief executive Rupert Soames. “The record level of order intake in International Power Projects and the strong performance in our Local businesses underline the strength and global reach of our business.”

Based in Scotland, with U.S. headquarters in Houston, Aggreko North America is No. 9 on the RER 100.