APR Apr Energy

TIDMAPR

RNS Number : 9214Q

APR Energy PLC

27 October 2011

For Immediate Release 27 October, 2011

APR Energy plc

Q3 INTERIM MANAGEMENT STATEMENT

Continued rapid growth

Exclusive global partnership with Pratt and Whitney on dual fuel turbines

   --     Complements recent similar agreement with Caterpillar and Ring Power 

APR Energy plc ("APR" or "the Company"), a global leader in temporary power solutions, today issues its Interim Management Statement covering the period from 30 June 2011 to 27 October2011.

TRADING

The Company has continued to deliver rapid growth throughout 2011 and experienced further acceleration during the three month period ending 30 September 2011. Group revenues in this three month period totalled $57.5 million, a 63.5% increase over the same period last year. The monthly revenue run rate continued to increase through the quarter as additional contracted MWs came on line. Adjusted EBITDA margin for the period exceeded margin levels achieved for the full year in 2010. Adjusted net income for the same three month period was $13.8 million. Given the strength of our recent trading performance and expectations for the fourth quarter, the Company now believes that adjusted net income for the full year will be ahead of the consensus of current market expectations.

In the period, the Company achieved new contract wins of 85MWs with additional projects in Peru and Argentina, both of which are expected to be operational in 2012. The Company was also successful in extending its existing contract in Peru and is in discussions with several other customers regarding extensions.

As at 30 September 2011, total fleet capacity was 804 MW, (Q3 2010: 358 MW).

FINANCIAL POSITION

The Company maintains a strong financial position given the influx of capital following the recent Horizon transaction in June of this year. During the three month period ending 30 September 2011, the Company repaid $37.7 million of existing terms loans, leaving the total debt balance at the end of the period at $42.5 million. Cash as of 30 September 2011 totalled $176 million dollars.

Progress continues in negotiating a new, expanded credit facility with a syndicate of banks that will add additional liquidity and capacity to further expand the Company's fleet. It is expected that this new facility will be completed prior to the end of the year.

OPERATIONS

The Company continues to make significant progress on key strategic initiatives that will enhance its capability to meet customer needs with rapid deployment of temporary power solutions.

Today's announcement of an exclusive global partnership with Pratt & Whitney focused on the deployment of dual-fuel turbines in temporary power applications is another important strategic milestone. The agreement solidifies the Company's supply chain and aftermarket infrastructure for this key technology. (A parallel press release gives further detail of the agreement.)

The new Pratt & Whitney agreement coupled with the recent Caterpillar/Ring Power global framework agreement for both diesel and gas reciprocating engines creates a comprehensive supply network for all power generation requirements and enhances the Company's infrastructure to efficiently maintain assets on a global basis, as well as providing additional sources of new temporary power contract tenders.

The Company also progressed the implementation of its regional hub strategy in the quarter and remains on schedule to open its first facility in Panama early in 2012, followed shortly thereafter with a regional facility in Dubai.

Outlook

The rapid growth of the Company, robust order book and strength of its new business pipeline, places APR Energy in a good position to meet market expectations for the full year and the Company remains well positioned to continue delivering strong growth in the future.

Chief Executive Officer John Campion stated: "We are very pleased with the progress the Company has made in the short period since re-listing. The recent agreements with Caterpillar and now Pratt & Whitney position us to accelerate our growth strategy and deliver world-class temporary power solutions with an unparalleled breadth of technologies supported by truly global partners. The strength of our current project pipeline gives us continued confidence in our future performance."

Enquiries to:

Anthony Carlisle, Citigate Dewe Rogerson Consultancy

+44 (0) 20 7638 9571

+44 (0) 7973 611 888

anthony.carlisle@citigatedr.co.uk

Notes:

1. The profit figures used in this statement have been adjusted for the costs of the the] recent Horizon transaction and the subsequent re-listing of APR's shares in September 2011.

   2.    All financial information used in this statement is unaudited. 

About APR Energy plc:

Based in Jacksonville, Florida, and quoted on the London Stock Exchange, APR is a fast growing, pure play fast track provider of large scale, temporary power solutions. It is focused on the rapidly growing power plant market in emerging markets, where the supply/demand imbalance is most acute, as well as event-led opportunities. APR designs, installs, operates and maintains turnkey power solutions, used for applications, including peak shaving, distributed generation, supplemental power, grid stability and support, emergency generation and Industrial power generation. Its fleet is technologically advanced and is differentiated by its ability to provide dual fuel turbine generators as well as diesel and natural gas modules. Additional information can be found at: www.aprenergy.com.

Forward looking statements

All statements other than statements of historical fact included in this Interim Management Statement are forward-looking statements. Such forward-looking statements, which reflect management's assumptions made on the basis of information available to it at this time, involve known and unknown risks, uncertainties and other important factors which could cause the actual results, performance or achievements of APR Energy plc, or the market and economies in which APR Energy plc operates, to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Without limitation to the foregoing, nothing in this Interim Management Statement is to be regarded as a profit forecast.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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