20th May 2014 13:46
LONDON (Alliance News) - APR Energy PLC said Tuesday it has made a positive start to the year, reporting 501 megawatts of new contract wins or extensions in Libya, Myanmar and the South Pacific.
The fast-track power solutions company said that it has won 359 megawatts of contract extensions including a 200 megawatts diesel project in Libya and 142 megawatts of new contract wins in Myanmar and the South Pacific since the beginning of the year.
In an interim management statement to May 20, 2014, including its first-quarter trading period, the company also said its financial and operational performance during the quarter has been in line with expectations.
Group revenue for the quarter was USD120 million, up from USD43 million in the comparable quarter in 2013, reflecting continued high utilisation levels across the fleet, said APR.
The company's balance sheet had gross debt of USD593 million at the quarter end, compared to USD590 million at the end of the previous quarter. APR said discussions with its existing relationship banks regarding its refinancing strategy are progressing and it expect to execute this strategy over the coming months.
The Myanmar contract commenced operations at the end of April; the Angolan and South Pacific mobile gas turbine contracts are on track to commence operations during the second quarter, said the company.
APR also reported strong fleet utilisation of 81% at 2,074 megawatts, flat on the previous quarter as at March 31, 2014.
"We have made a positive start to 2014 with 501MW of new contract wins or extensions and the business is performing well. We have successfully commissioned our landmark project in Myanmar and are on track to commence operations across recent contract wins in Angola and the South Pacific," said Chief Executive John Campion.
Looking ahead, demand for APR's solutions remains strong, reflected in new contract wins and continued high renewal rates. "Our focus for the year includes securing a number of key contract renewals, transferring the GE contracts that are due for renewal onto more favourable terms or re-deploying these assets, developing opportunities through our partnership with GE and continuing to deliver an improved financial and operational performance. We are making good progress on each of these areas," added Campion.
APR Energy shares were trading 1.84% lower at 772.00 pence per share Tuesday afternoon.
By Alice Attwood; [email protected]; @AliceAtAlliance
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