APR revenues surge in wake of Horizon deal

published 16 April 2012

APR Energy, the temporary power specialist, has seen revenues jump as emerging market demand for emergency electricity generation continues to grow.

Horizon Acquisitions bought the group in June 2011, then changed its own name and re-listed as APR Energy in September.

On a pro-forma basis APR grew revenues during 2011 by 69% over the prior year to hit $212.8m while profits before tax grew 91% to $57m (excluding exceptional costs).

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Underlying profits (earnings before interest tax depreciation and amortisation or EBITDA) rose 70% to $109.1m, giving an EBITDA margin of 51%.

The group's Chief Executive, John Champion, said of the results: "2011 was a year of significant transformation for APR. With our capital constraints removed, we delivered rapid growth as evidenced in our fleet more than doubling to 900 MWs and pro-forma revenue increasing by 69%.

"We have had a good start to 2012 with 284 MW's of new contracts won to date, as well as several contract extensions, and we maintain a strong commercial pipeline."

APR emphasised its strong order book this morning by announcing two deals for a total of 220 megawatts of power in Mexico and Cyprus.

The group's shares had risen 4.35% by 10:19 but are still 4.3% down since the beginning of the year, mainly because of delays in publishing its 2011 results, for which the Chairman, Michael Fairey, apologised today.