Aggreko PLC 3rd Quarter trading update (0371T)
12 Novembre 2019 - 8:00AM
UK Regulatory
TIDMAGK
RNS Number : 0371T
Aggreko PLC
12 November 2019
TRADING UPDATE
12 NOVEMBER 2019
Full year earnings outlook remains in line with market expectations
This trading update covers the period from 1 January 2019 to 30
September 2019. Unless otherwise stated, figures quoted in this
statement are for the nine months ended 30 September 2019.
Underlying Group revenue down 2%
Underlying Group revenue (excluding the impact of currency and
pass-through fuel) for the nine months ended 30 September was down
2% on last year, with reported revenue down 8%.
Excluding revenue from the Winter Olympics in 2018 and early
design revenue for the Tokyo 2020 Olympics this year, underlying
Group revenue was in line with the prior year.
Rental Solutions (53% of Group) underlying revenue down 1%
Performance across Rental Solutions remains mixed. In North
America, our largest region, underlying revenue was up 4%,
reflecting good growth in most of our key sectors. Despite
softening in the region since the half year, revenue was up 12%
excluding the impact of hurricane related work in 2018. Elsewhere,
we continue to see the trends referenced at the half year; growth
in Continental Europe has been offset by a weaker performance in
Northern Europe, while in Australia Pacific good growth in the
mining sector has been offset by a 100 MW emergency utility sector
contract positively impacting the prior year results.
Power Solutions Industrial (27% of Group) underlying revenue in
line with prior year
Our Power Solutions Industrial business has strengthened against
the prior year through the last quarter, with underlying revenue
now in line with 2018. Excluding both the 2018 Winter Olympics in
the prior year and the early design revenue for the Tokyo 2020
Olympics this year, revenue was up 7%, compared to 4% at the half
year. Across the regions, Latin America, Middle East and Africa are
performing well, with our Eurasia business stabilising following
the slowdown we reported in the first half.
Power Solutions Utility (20% of Group) underlying revenue down
7%
In line with our half year performance and as expected, Power
Solutions Utility saw underlying revenue decrease 7% with average
megawatts on hire down 9% at 2,445 MW (2018: 2,691 MW). This
reflects the timing of 2018 off-hires and new work in the period;
the year-to-date off-hire rate was 23% (2018: 35%).
Management of trade receivables remains a major focus, and we
have continued to make good progress on cash collection through
active engagement with our customers.
Outlook
Our full year earnings outlook is in line with market
expectations and we remain on track to deliver mid-teens ROCE in
2020.
Future reporting dates
Full year results 03 March 2020
Investors, analysts and financial media enquiries
+44 7813 201
809
Louise Bryant, Aggreko plc
+44 7989 718
Richard Foster, Aggreko plc 478
Conference call
A conference call will be held today for investors and analysts
at 08:30 (GMT) hosted by Heath Drewett, CFO.
Participant dial-in
United Kingdom 0203 514 2903
All other locations +44 203 514 2903
Participant Access Code 429578#
Replay information
United Kingdom 0203 936 3001
All other locations +44 203 936 3001
Replay code 908409
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END
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