Financial Releases
Preliminary Results for the twelve months to 31 December
2009
04 Mar 2010
Aggreko plc, the world leader in the supply of temporary power
and temperature control, announces its preliminary results for the
twelve months to 31 December 2009.
| |
2009 pre-
intangible asset
amortisation |
2008 pre-
intangible asset
amortisation |
Movement pre-
intangible asset amortisation |
2009 post-
intangible asset
amortisation
|
As
reported |
Constant
currency
|
| Group revenue |
£1,023.9m |
£946.6m |
8.2% |
(6.3)% |
£1,023.9m |
| Group revenue excl pass through fuel |
£965.9m |
£861.9m |
12.1% |
(2.6)% |
£965.9m |
| Trading profit (1) |
£255.0m |
£202.2m |
26.1% |
7.0% |
£252.5m |
| Profit before tax |
£246.5m |
£191.6m |
28.7% |
|
£244.0m |
| Earnings per share |
63.30p |
46.16p |
37.2% |
|
62.67p |
| Dividends per share |
12.60p |
10.08p |
25.0% |
|
12.60p |
(1) Trading profit represents operating profit
before gain on sale of property, plant and equipment.
(2) All figures below are stated before amortisation of
intangible assets arising from business combinations (2009: £2.5m
pre-tax, £1.7m post-tax; 2008: £1.6m pre-tax, £1.0m post-tax) as
management believe that the exclusion of such items provides a
better comparison of business performance.
Highlights:
- Another strong performance, with the Group delivering record
revenues, profits, margins and returns on capital
- Operating cashflow increased by 56% to £431m (2008: £276m); net
debt reduced by 52% to £175m
- £150m invested in new fleet (1.1x depreciation); average fleet
age reduced
- Continued growth in International Power Projects which is now
contributing more than 60% of Group profits
- 10% more on hire at the end of the year than at the start
- Strong order intake in H2 carries forward into 2010 : 360 MW of
new contracts signed in first 8 weeks
- Supplied power to a record 56 countries during the year
- Rate of investment in International Power Projects fleet in
2010 to be increased after encouraging start to the year
- Local business increased market share in difficult market
conditions
- Power volumes similar to 2008, despite tough comparators
- Delivered 18% margins and 20% return on capital despite weak
demand and lower rates
Philip Rogerson, Chairman, commented:
“Aggreko delivered another record performance in 2009, despite
the challenging economic conditions. While we remain cautious about
the outlook for the Local business, we are encouraged by the strong
start made by International Power Projects in 2010. As a
consequence we are increasing our December guidance for fleet
capital expenditure in 2010 by £20 million to £200 million; most of
which will be invested in the International Power Projects
business.”
“Given the encouraging prospects for International Power
Projects, and the additional fleet investment, we now believe that
we will do a little better than we anticipated at the time of our
December trading update.”
Rupert Soames, Chief Executive, commented:
“We made very good progress against our strategy in 2009, thanks
to another strong performance from International Power
Projects. Group revenues, margins and returns on capital
employed all improved on the prior year, to stand at record
levels.”
Regional performance metrics:
| |
Revenue millions |
Constant currency change |
Trading Profit
millions* |
Constant currency change |
| |
2009 |
2008 |
% |
2009 |
2008 |
% |
| North America |
$309.8 |
$386.2 |
(19.5)% |
$55.9 |
$85.6 |
(35.7)% |
|
Europe & Middle East
|
£249.6 |
£256.6 |
(11.6)% |
£35.5 |
£43.6 |
(28.1)% |
|
International Local business
|
£96.8 |
£116.3 |
(25.3)% |
£24.2 |
£32.8 |
(34.8)% |
|
International Power Projects excl fuel
|
$661.3 |
$524.1 |
26.2% |
$247.6 |
$143.6 |
69.6% |
* Trading profit is before amortisation of intangible assets
arising from business combinations
- ENDS -