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Aggreko announce final dividend up 3% to 18.3 pence

Investment Tools Ltd.
Aggreko announce final dividend up 3% to 18.3 pence

The Aggreko Directors are proposing a final dividend in respect of the financial year ended 31 December 2019 of 18.27 pence per share which will utilise an estimated £47 million of Shareholders' funds. It will be paid on 21 May 2020 to shareholders who are on the register of members on 24 April 2020.

Other financial highlights include:

Underlying Group revenue down 1% and in line with the prior year excluding the 2018 Winter Olympics and early design and project management revenue for Tokyo 2020 Olympics

Operating profit of £241 million and profit before tax of £199 million, representing strong growth of 13% on an underlying basis and an underlying increase of 1.8pp in operating margin

o Rental Solutions underlying operating profit up 22% (55% of Group operating profit)

o Power Solutions Industrial underlying operating profit down 7% (27% of Group operating profit)

o Power Solutions Utility underlying operating profit up 21% (18% of Group operating profit)

Operating cash inflow of £628 million supported by a significant working capital inflow of £107 million, reflecting increased focus and process improvements to drive cash collection in Power Solutions Utility

ROCE improved year on year to 11.2% (2018: 10.3%), providing good momentum into 2020 with the Group on track to deliver mid-teens ROCE; we are monitoring the potential impact of coronavirus

We continue to work closely with the Tokyo 2020 Olympic and Paralympic Games Organising Committees with preparations progressing as expected

Strengthened financial position with net debt to EBITDA of 1.0x, down from 1.3x in 2018, despite the £101 million adverse impact of adopting IFRS 16 'Leases'

An update on our strategic priorities will be provided alongside our interim results in August

Companies mentioned

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