Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Aggreko PLC (AGK)

  Print      Mail a friend       Annual reports

Friday 19 October, 2012

Aggreko PLC

Interim Management Statement

RNS Number : 0734P
Aggreko PLC
19 October 2012


19 October 2012


Aggreko plc




Aggreko plc, the world leader in the supply of temporary power and temperature control, is today issuing its Interim Management Statement covering the period from 1 July 2012 to date.




As a result of strong trading in the Local businesses, and helped by the London 2012 Olympics, Aggreko has delivered a robust performance in the third quarter, and trading at a Group level has been in line with our expectations.  On a reported basis, revenues grew by 22%, whilst on an underlying(1) basis revenues grew by 13%. 


International Power Projects' business revenues in the third quarter grew 15% excluding pass-through fuel and currency movements.Order intake in the third quarter was below last year at 115 MW, but shortly after the quarter end we signed two contracts including a second contract for 74 MW with the Hokkaido Electric Company in Japan, which takes year to date order intake to 870 MW; this compares with 944 MW at the same point in 2011.  When this plant is commissioned, we will have more than 240 MW on rent in Japan, which is more than in the immediate post-tsunami period.  Capacity on hire at the end of the quarter was 17% ahead of the prior year.  Trading margin in the quarter in International Power Projects has been lower than last year, in large part because of the unusually high mobilisation costs relating to the Mozambique contract; we also increased further our bad debt provision in the quarter, which, set against a large release in the third quarter of 2011 depressed margins relative to the prior year.


The Local business delivered a better-than-expected performance in the third quarter, with revenues on a reported basis growing by 32%.  On an underlying basis, revenues grew by 11% in the third quarter; within this North America grew by 13%; Europe & Middle East grew by 8%; and Aggreko International's Local business grew by 13%.  Both underlying and reported trading margins in the Local business were higher in the third quarter than in the prior year. We have finalised the value of the London 2012 Olympics contract at £59 million, and we are all proud of the excellent performance of our events team in faultlessly delivering this demanding contract.


Financial position


Net debt at £685 million has increased by £7 million in the three months to 30 September 2012. This compares to net debt of £424 million at 30 September 2011; the £261 million year-on-year increase is largely due to the acquisition of Poit Energia, and higher levels of both capital expenditure and working capital. 


Poit Energia deferred consideration


The Poit Energia acquisition included a deferred consideration of up to £20 million, payable if stretching performance targets for the calendar year 2012 were met.  Having completed the acquisition earlier than we anticipated, it now makes sense to integrate the two businesses as soon as possible, and accordingly we have agreed with the Vendors that we will terminate the earn out period early in return for a payment of £3 million of the possible £20 million.  The £17 million release of the deferred consideration from the balance sheet will be treated as an exceptional credit in the full year income statement, which will be partially offset by Poit Energia integration costs and re-organisation costs related to the implementation of the new Group structure.




Having had a strong third quarter we now expect the Local business will have a better second half than we previously anticipated, supported both by better base business performance and additional work from the London Olympics.  Margins for the Local business on both an underlying and reported basis are forecast to be better than last year for the full year.


International Power Projects will have a strong year, although second half revenue growth rates will be slightly lower than we expected at the time of our Interim Results.  Margins and returns for the year will be lower than 2011 due to the high mobilisation costs in Mozambique and the increase in our bad debt provision, with our current assumption being that we will not be able to reduce the level of provisions held before the year end.


Overall, trading continues to run broadly in line with our expectations.  Despite the increase in bad debt provisions during the year and unusually high mobilisation costs, we expect that Group margins for the year as a whole, both on a reported and underlying basis, will be at similar levels to last year.  Since our last trading update in early August, however, exchange rates have moved against us, and we have also increased our bad debt provisions; we expect that, between them, these two factors will impact our anticipated profits for the year by about 2.5%.


Looking ahead, we expect to spend about £415 million on fleet capital expenditure in the current year.  However, given the need to absorb into the wider business the fleet we built in the first half for the London Olympics, and being mindful also of a weakening macro-economic outlook in many developing economies, the rate of fleet capital expenditure in the first half of 2013 is likely to be lower than in 2012.


There will be a conference call for analysts and investors at 8.30am today.  For dial-in details, please contact Sian Stanley on 020 7379 5151 or [email protected]


- ENDS -


Enquiries to:

Rupert Soames / Angus Cockburn

Aggreko plc

Tel. 0141 225 5900


Neil Bennett / Tom Eckersley


Tel:  020 7379 5151





(1) Underlying revenue excludes revenue from major events (Asian Games in 2011 and London Olympics in 2012), Poit Energia acquisition, pass-through fuel and currency movements.


This information is provided by RNS
The company news service from the London Stock Exchange

a d v e r t i s e m e n t