23rd Apr 2008 07:01
Aggreko PLC23 April 2008 23 April 2008 Aggreko plc AGM AND INTERIM MANAGEMENT STATEMENT Aggreko plc, the world leader in the supply of temporary power, temperaturecontrol and oil-free compressed air services, is today issuing its first InterimManagement Statement ahead of its Annual General Meeting to be held at 11:00a.m. today. At this meeting shareholders will deal with the proposed resolutionsas outlined in the Notice of Meeting issued to shareholders dated 17 March 2008.In addition, a summary of the business and financial performance of the Group in2007 will be provided along with an update on current trading by means of thefollowing Interim Management Statement on the Group's performance for the firstthree months of the current year. Trading The Group has had a strong start to the year, with total revenues in the threemonths to 31 March 2008 growing by 20%. On a constant currency basis Grouprevenues grew by 17%, with the local business up by 12% and the InternationalPower Projects business, excluding pass-through fuel, up 33%. Within the localbusiness, revenues in North America grew by 7%; the majority of this growth hasbeen driven by service rather than rental revenue. In the local businesses inthe Middle East, Asia-Pacific and South America, revenues were 34% ahead.Revenues in Europe were flat year-on-year; in the first quarter of 2007, thebusiness had a large project in Corsica and, excluding the impact of this oneproject, our European business grew revenues by 5%. Financial position Net debt at £233 million has increased by £31 million in the three months to 31March 2008 and is £21 million higher than at 31 March 2007. With facilities of£358 million we have ample headroom to finance the current needs of thebusiness. Outlook In our 2007 preliminary results announcement on 6th March we stated that weexpected to make good progress in 2008. We remain confident that this will bethe case. - ENDS - Enquiries to: Rupert Soames / Angus Cockburn Aggreko plc Tel: 0141 225 5900 Neil Bennett / Charlotte Walsh Maitland Tel: 020 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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