16th Apr 2009 07:00
Aggreko plc
INTERIM MANAGEMENT STATEMENT
Aggreko plc, the world leader in the supply of temporary power and temperature control, is today issuing its Interim Management Statement covering the period from 1 January 2009 to date.
Trading
The Group has had a strong start to 2009 with total revenues in the three months to 31 March 2009 growing by 42%. On a constant currency basis and excluding pass-through fuel, Group revenues grew by 17%, with the Local businesses trading at similar levels to last year and the International Power Projects business growing by 51%. The strong performance by International Power Projects was mainly due to an increase in the number of megawatts on rent, but we also enjoyed the benefits of year-on-year improvement in rates and a beneficial mix, with more gas-powered units on rent than in the previous year. Among the Local businesses, revenues in North America grew by 5%, benefiting from some carry over storm revenue and the Presidential Inauguration; the base business traded at similar levels to last year. Revenues in Europe & Middle East were flat year-on-year, helped by storm revenues in France which augmented base business revenues about 5% lower than last year. In the smallest of our Local businesses, International, revenues in the quarter were 9% behind the prior year; this business recorded some revenue from the Beijing Olympics in the first quarter of last year, and the base business decline was around 3% in constant currency.
Financial position
Net debt at £327 million has decreased by £37 million in the three months to 31 March 2009 and was £94 million higher than at 31 March 2008. All bar £13 million of the year-on-year increase was due to currency movements, notwithstanding £260 million of fleet investment over the period, reflecting the very strong operating cashflow of the business over the last twelve months. With total facilities of £568 million and £195 million of refinancing/replacement of facilities recently completed, we have ample headroom to finance the needs of the business.
Outlook
We expect to deliver a strong first half, despite what we anticipate will be tougher conditions in the Local businesses. For the year as a whole, the outlook remains unchanged from the position we described at the publication of our Preliminary Results six weeks ago. That is that we expect trading in 2009 to be at similar levels to 2008 on a constant currency basis. If the sterling : US dollar rate were to stay at current levels for the rest of the year, reported results would show substantial growth over 2008.
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Enquiries to:
Rupert Soames / Angus Cockburn
Aggreko plc
Tel. 0141 225 5900
Neil Bennett / George Hudson
Maitland
Tel: 020 7379 5151
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