• Webinars
  • Magazine
  • Newsletter Subscription
    1. News & Analysis
    2. Headline News

    Aggreko Jumps 13 Percent in 2012 Revenue and Trading Profit

    March 8, 2013

    Aggreko plc, world leader in the supply of temporary power and temperature control, posted a 13-percent increase in group revenue, from £1.4 billion in 2011 to £1.583 billion (about U.S. $2.36 billion) in 2012. Profit before tax increased 11 percent, from £327 million in 2011 to £367 million (about U.S. $548 million) in 2012.

    Both the local business and power projects continue to deliver strong revenue growth. The group reported revenues, excluding pass-through fuel, up 20 percent and trading profit up 13 percent. Local business reported a revenue increase of 23 percent and a 41-percent jump in trading profit. Highlights of the year included powering the London Olympics and 30-percent growth in emerging markets.

    The North American market was strong for Aggreko with $359.0 million in rental revenue and $482 million in total revenue, a 16-percent year-over-year increase.

    Aggreko’s Power Projects division reported a 15-percent hike in revenues excluding pass-through fuel, but a 1-percent decrease in trading profit. The division won 1,029 megawatts of new work in the year and had 750 MW on rent at year end in gas-powered generation.

    Aggreko is expecting double-digit average annual growth in revenues and trading profit for the next five years, with returns on capital employed of more than 20 percent.

    “The Local business has had a very strong start to the year, with almost 20-percent more power on rent than a year ago, helped in part by our acquisition of Poit Energia [in Brazil] in April 2012,” said chief executive Rupert Soames. “Encouragingly, growth in the Local business has been broadly spread, with most areas other than Europe showing healthy year-on-year increases in MW on hire. In Power Projects, we have signed new contracts totaling 140 MW in the year to date, and, importantly, we have secured our first large order for our new heavy fuel oil engine, with a 56-MW contract in the Caribbean.

    “We have also secured a contract for 57 MW of diesel-powered generation in Djibouti. Trading continues to be subdued and is likely to remain so in the first half; however, in recent weeks there has been some improvement in the prospect pipeline. Our expectations for the year as a whole remain unchanged from previous guidance.”

    Aggreko plc is based in Scotland, with U.S. headquarters in Houston. The company is No. 6 on the RER 100.