Top-line growth slows at Aggreko – MoneyWeek

Onareportedbasis,grouprevenueandtradingprofitareexpectedtoincreasebyaround14%and25%respectivelyinthesixmonthstotheendofJune。

Aggrekosaiditisprobablethatthedeterioratingmacro-economicpicturewillreducetheunderlyingrateofgrowthinitsLocalbusinessdivisioninthesecondhalfoftheyear,buttheeffectsofthiswillbemorethanoffsetbytheimpactoftheLondonOlympicsandtheboostgivenbythePoitEnergiaacquisitioninBrazil。

IntheLocalbusinessweexpectunderlyingrevenuetogrowbyabout13%inthefirsthalf。

Withinthis,ourEuropeandMiddleEastbusinessisexpectedtogrowbyaround9%,NorthAmericabyaround11%andAggrekoInternationalsLocalbusinessbyabout25%,thecompanystated。

WeexpectLocalbusinesstradingmargininthefirsthalftobealittlebetterthanlastyearonanunderlyingbasis,itadded。

InitsInternationalPowerProjects(IPP)divisionadecentflowofordersinthefirsthalfshouldmeanfasterrevenuegrowthinthesecondhalfofthefiscalyearthaninthefirst。

Asaresultofthis,thegrouphasannouncedplanstoupitsinvestmentinitsfleetby£50mtoaround£415m。

TheIPPdivisionsrevenueexcludingpass-throughfuelandcurrencymovementsisexpectedtogrowbyaround17%inthefirsthalf。

TradingmargininInternationalPowerProjects,excludingpass-throughfuel,isexpectedtobehigherthanthatachievedinthefirsthalfoflastyear,notwithstandingasimilarincreaseinthebaddebtprovision。

Inthesecondhalfoftheyearmarginsinthisdivisionareexpectedtobelowerthaninthesameperiodin2011,inlargepartduetohighermobilisationcosts。

Overall,weanticipatethatgroupmarginsfortheyearwillbeatsimilarlevelsto2011,thecompanysaid。

JH

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