Highlights:
Both the Local business and Power Projects continue to deliver strong revenue growth. Group reported revenues excluding pass-through fuel up 20% and trading profit up 13%.
Local business reported revenues up 23% and trading profit up 41%.
o Flawless execution of London Olympics
o 30%+ growth in emerging markets
o Strong performance in North America
o Poit Energia acquisition completed and integration progressing well
Power Projects reported revenues excluding pass-through fuel up 15% and trading profit down 1%.
o 1,029 MW of new work won in the year
o Strong growth in gas-powered generation: 750 MW on rent at year end; + 77% more on rent y-o-y
o 100 MW cross-border project in Mozambique operating as an Independent Power Producer
o Trading margin impacted by increased debt provision and higher mobilisation costs
Successful implementation of new organisational structure.
Strategy Review confirms Aggreko is the global leader in fast-growing markets and is well-placed to deliver further growth over the next five years.
o Structural drivers of growth remain in place in Power Projects market
o Investment in growing our depot network in emerging markets will drive growth in the Local business
o Investment in new product development has delivered highly-efficient engine designed to deliver lowest-cost temporary power generation
o For the next five years, and subject to year-to-year variation, we expect double-digit average annual growth in revenues and trading profit, with returns on capital employed of over 20%
o Whilst delivering good growth, we expect to be able to increase significantly cash returns to shareholders over the next five years
o Presentation of the outcome of the Strategy Review will be webcast live from 9.00am this morning
Ken Hanna, Chairman, commented:
"I am pleased to report that Aggreko delivered another year of good progress in 2012. Reported revenues and trading profit both increased by 13%, and the Board is recommending an increase in the dividend of 15%. The recently-completed Strategy Review underlines the strong position the Group holds in fast-growing markets, and the exciting prospects that lie ahead for the next five years."
