TIDMAPR
RNS Number : 5144D
APR Energy PLC
17 May 2012
For Immediate Release 17 May 2012
APR Energy plc
Q1 INTERIM MANAGEMENT STATEMENT
-- Strong first quarter delivering 170% underlying revenue growth
-- Secured 284MW of new contracts year to date
-- Extended 196MW of contracts year to date
-- Two regional hubs opened in Q1 2012. Malaysia hub on track for Q3 opening
APR Energy plc ("APR" or "the Company"), a global leader in
temporary power solutions, today issues its Interim Management
Statement covering the period from 1 January 2012 to today's
date.
TRADING
APR has continued to deliver significant growth in the first
months of 2012 and experienced further acceleration in contract
wins into Q2. Group revenues in the three-month period ending 31
March 2012 totalled $78 million (Q1 2011: $29 million). Adjusted
EBITDA margins during Q1 2012 have been strong and in line with
historical levels.
As previously announced, the Company has achieved new contract
wins of 284MW year to date, with additional projects in Africa,
Latin America and the Middle East. All these new contracts are
expected to be operational in 2012.
The Company was also successful in extending 196MW of existing
contracts in Africa, Latin America and the Caribbean.
As of 31 March 2012, total fleet capacity was 960MW compared to
421MW at the end of Q1 2011 and 900MW at year end 2011.
FINANCIAL POSITION
The Company had new fleet investment of $39 million for the
three-month period ended 31 March 2012. As of 31 March 2012, the
Company had no debt outstanding. Cash on hand as of 31 March 2012
totalled $55 million. The Company enjoys a strong financial
position with which to invest in fleet and maintains a $400 million
credit facility from which it has drawn cash of $50 million since
31 March.
OPERATIONS
APR 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.
APR's strategic partnerships with Pratt & Whitney and
Caterpillar/Ring Power have allowed the Company to continue to
expand its fleet at competitive pricing levels. These relationships
have also allowed the Company to improve its products through
engineering and operations collaboration, as well as delivering
further efficiency benefits in supply chain and aftermarket
infrastructures.
The Company has made great strides in its regional hub strategy
with both our Panama and Dubai facilities becoming operational in
Q1 2012 and our Asian hub in Malaysia on track to open in Q3 2012.
Opening the hubs has delivered immediate benefits, with a recent
contract in the Middle East, APR was able to mobilise and become
operational within a 20-day period compared to historical levels of
90-120 days. The Company sees its hub strategy as a critical
development in its evolution.
Outlook
The rapid growth of the Company, robust order book, and strength
of its new business pipeline put APR Energy in a good position to
meet our expectations for the full year. The Company has enjoyed a
strong start to the financial year and is well positioned to
capitalise on the significant structural demand for power
solutions, particularly in the emerging market economies.
Chief Executive Officer John Campion stated: "We are very
pleased with the new contracts and extensions signed in 2012 to
date. This success shows APR's ability not only to continue our
rapid growth, but in doing so to maintain our operational
excellence and meet our customers' expectations."
Our next trading update will be in July 2012.
Note: All financial information used in this statement is
unaudited.
Conference Call
There will be a conference call investors and analystsat 08.30
BST today.
Dial-in details: Telephone +44 (0) 20 3003 2666. Password:
APR
Once the call is finished, it will be available on our website,
www.aprenergy.com, and a replay will be available for 14 days:
Replay telephone +44 (0) 20 8196 1998. Access Pin: 5300778
Enquiries to:
Brian Gallagher. Investor Relations
+44 (0) 203 427 3747
brian.gallagher@aprenergy.com
Anthony Carlisle, Citigate Dewe Rogerson Consultancy
+44 (0) 20 7638 9571
+44 (0) 7973 611 888
anthony.carlisle@citigatedr.co.uk
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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