International Power (IPR), the FTSE 100 energy firm which has recently received a takeover offer from major shareholder GDF SUEZ, said that revenue in the three months of the year increased by five per cent while its growth and construction programme progresses well.
Pro-forma revenue, which includes revenue arising from both IPR and GDF SUEZ Energy International, increased by 5% from €4,046m in the first quarter of 2011 to €4,257m. This is a 2% increase on an organic basis.
The group reported strong organic growth in the emerging markets, with Latin America up 15%, Middle East, Turkey & Africa up 6% and Asia up 18%.
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Elsewhere, North American revenues, which are the largest contributor to group sales, fell by 6% on an organic basis as a result of lower gas prices. UK-Europe organic revenues fell 2%.
The group said that its major construction programme has continued to progress with plants in Bahrain, Brazil, Indonesia and Canada entering commercial operation during the quarter. One plant, the Jirau hydro project currently under construction in Brazil, was hit by illegal strikes in March but the group said that "work is progressively resuming".
"We remain confident of delivering further growth in 2012, principally driven by full-year contributions from new plants that became operational in late 2011 as well as new capacity that is expected to come on line during 2012," the company said.
Earlier this week, GDF SUEZ, which owns 70% of IPR, raised its bid for the remaining stake in the group from 390p to 418p a share, valuing the entire issues share capital at around £22.8bn.
IPR's shares were down 0.02% at 417.41p in early trading on Thursday.
BC
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