APR Energy disappoints despite 'solid' year

APR Energy, which specialises in the sale of reliable and efficient electricity, said it delivered a 'solid' performance in 2012, returning to an operating profit, fuelled by record contract wins of 569 megawatts (MW) and contract renewals of 724MW.

Pro forma revenue rose 25% to $265.7m from $212.8m a year earlier, with operating profit up 11% from $60.6m to $67.2m.

On the same basis, profit rose from $57.3m to $63.3m, while earnings per share climbed from 51.65 cents to 68.06 cents.

On a reported basis, which compares the 14 months ended December 31st 2011 with the 12 months ended December 31st 2012, revenue rose from $164.6m to $265.7m.

Pre-tax losses declined from $33.0m to $4.9m over the same time frame, while losses per share declined from 73.05 cents to 19.09 cents.

The company maintained its total dividend at 10p per share.

John Campion, Chief Executive Officer, said: "I am delighted to report the substantial and sustained progress that APR Energy has made during 2012, supported by the 569MW of new contracts and 724MW of contract extensions won during the year.

"As of December 31st, the group had a fleet of 1,311MW, a growth of 46% over the year, and an order book of 11,592MW-months, an increase of 80% over the year. APR Energy has now completed over 1.5GW of power projects since its inception in 2003.

"In addition, during the year we completed the roll out of our hub strategy giving the company an infrastructure platform from which to deliver further growth in the medium term."

The group has reported a strong start to 2013, with 281MW of new business and 80MW of contract extensions. Looking ahead, it said it remains confident in the structural growth trends within the temporary power market.

The company is now focused on making further operational improvements during the current year and, in particular, on increasing utilisation in its diesel fleet.

"We expect to continue to make good progress in 2013 and deliver improved margin performance over the medium term," it added.

NR