16th Nov 2006 07:02
Aggreko PLC16 November 2006 AGGREKO plc TRADING STATEMENT Aggreko plc, the world leader in the provision of temporary power, temperaturecontrol and oil-free air solutions, is issuing the following trading update forthe year ending 31st December 2006. Since the announcement of our interim results in September 2006, trading acrosseach of Aggreko's businesses has continued to be very strong. In North America, growth in the base business has replaced the $32m ofstorm-related revenues generated in the second half of 2005, and we expectrevenues in the second half to be similar to last year and trading profitsomewhat ahead. Trading has been very strong in Aggreko International, and we expect the rate ofyear-on-year growth in trading profit in the second half to accelerate beyondthe 32% achieved in the first half. This has been made possible by increasedfleet investment which has allowed us to take advantage of continuing strongdemand. Trading in Europe has also been strong, and the recent award of a large contractto supply temporary power in Corsica will add to revenues in the fourth quarter.As a result of increased revenues and our cost-reduction programmes, we nowexpect trading profits in the second half to be well ahead of last year. Accordingly, the Board now believes that profit before tax for the year ending31st December 2006 will be at least £80m. This is after taking into account asmall seasonal trading loss likely to be incurred by the GE Energy Rentals(GE-ER) operations following completion of the acquisition (expected to be inearly December) along with associated interest costs. The Company will announce its Preliminary Results on 8th March 2007. - END - For further information contact: Rupert Soames Aggreko plcAngus Cockburn Tel: 0141 225 5900 Neil Bennett Maitland Charlotte Barker Tel: 020 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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