Aggreko plc, the world’s leading provider of power-generation and temperature-control equipment, posted a 1-percent increase in revenue for the first six months of 2014, with £768 million (about U.S. $1.288 billion) in revenue, compared to £760 million for the first half of 2013. However, underlying revenue – defined as adjusted for currency movements and pass-through fuel -- increased by 12 percent.
North America revenues fared better, improving from £317 million a year ago to £340 million (about U.S. $570.4 million), a 7.3-percent hike.
“Aggreko has made an encouraging start to the year and delivered a good performance in the first half,” said interim CEO Angus Cockburn. “The Local business has performed well, particularly in the Americas and EMEA regions, which have delivered strong growth. We are proud to have been involved in the provision of broadcast and stadium power for both the FIFA World Cup and the Glasgow Commonwealth Games. One of the highlights of the first half has been our success in executing two ground-breaking contracts. In Panama, we are the first temporary power provider to be awarded a wholesale contract, and we are selling into the spot market to help alleviate the hydro power shortages.”
Cockburn added that Aggreko is supplying 230MW of cross-border power into three countries in Southern Africa.
“Looking forward, the third quarter is important for the Local business and, whilst we expect to deliver growth in the second half, comparators are more challenging,” Cockburn added. “In Power Projects, whilst we take some encouragement from the order intake in the first half and a healthy enquiry pipeline, customers generally remain cautious. Overall we continue to expect underlying trading profit for the full year to be similar to 2013.”
As previously announced, Cockburn will step down as interim CEO on September 30, to be replaced by Chris Weston.
Aggreko plc, headquartered in Scotland, with North American headquarters in Houston, is No. 6 on the RER 100.