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BRIEF-Aggreko reaffirms full year trading profit expectations
May 14, 2015 / 6:22 AM / 3 years ago

BRIEF-Aggreko reaffirms full year trading profit expectations

May 14 (Reuters) - Aggreko Plc

* Power projects grew 7% in q1, with good performances from americas and emea. Order intake for year to date is 388mw (2014: 413mw)

* Whilst it is early in year and market environment remains uncertain, we continue to expect underlying 1 trading profit for full year to be broadly in line with last year

* Local business grew 2% in q1. Power and temperature control revenues were 4% higher, partly offset by slower growth in services revenue

* We expect growth to improve in local business, but it remains unclear what full year impact of a lower oil price will be across all our markets

* We anticipate fleet capital expenditure to be around £300 million for full year, with £140 million now expected in first half, reflecting planned investment in our gas fleet

* In power projects, year to date order intake is solid and we are making progress on key contract extensions. However, external market conditions remain difficult in a number of our markets, in particular security challenges in libya and yemen

* Making good progress identifying our business priorities and look forward to providing an update at time of our interim results in august

* Underlying revenue for q1 was 4% ahead of last year, with reported revenue up 8%, benefiting from currency translation effect of a stronger us dollar

* Overall, as indicated in march results announcement, underlying trading profit for first half is expected to be lower than last year, principally due to higher mobilisation costs, with underlying trading profit for full year being broadly in line with last year Source text for Eikon: Further company coverage: (London Equities Newsroom)

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