News Column

APR Energy Sees Threefold Increase In Revenues

July 29, 2014

Tom McIvor

LONDON (Alliance News) - APR Energy PLC Tuesday saw a threefold increase in its revenues during the second quarter compared to the previous year due to a range of new contracts and contract extensions.

The power services company said its revenues increased to USD134 million for the three months ended June 30 from USD44 million previously.

The company has so far in 2014 signed 142 megawatts of new contracts, together with contract extensions of 1,063 megawatts, representing a contract renewal rate exceeding 80%.

During the quarter, the company renewed 253 megawatts of contracts, including the first 100 megawatt tranche of its Uruguayan mobile gas turbine contract which has now been renewed until late 2014.

APR also said that after the period it was awarded an extension of its 450 megawatt contract in Libya, through to the first quarter of 2015, on similar terms to the original contract.

The company successfully commissioned three power plants during the quarter. APR's 82 megawatt gas power module plant in Myanmar started operations in May, while its new 40 megawatt mobile gas turbine plant in Angola and its 60 megawatt mobile turbine plant in the South Pacific both commenced operations during June.

APR said it reduced its gross debt by USD23 million over the quarter and ended the quarter with USD570 million debt and USD52 million cash on its balance sheet.

"The group has continued to perform well, delivering strong financial and operational results for the quarter," Chief Executive John Campion said in a statement. "Renewals have been a major focus for us and continue to be a highly critical and strategic part of our business."

APR Energy shares were trading 10.2% higher to 566.50 pence, putting the stock amongst the biggest gainers on the London market Tuesday morning.

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Source: Alliance News

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