Temporary power specialist APR Energy’s (APR) shares ticked up 3 per cent on these results as the company address some of the concerns about its Libyan contract. APR has a contract with the state-owned utility there to provide power to more than a million people. And two key milestones were achieved last year. Firstly, getting the project - APR’s biggest ever installation - up and running, and then actually getting paid for it in what remains a highly volatile political climate. APR says its Libyan customer is up to date with all payments and $100m (£61m) cash has been received so far.
There was also some encouraging momentum in new business with a record 740 megawatt (MW) of fresh contracts won in 2013. And that trend appears to have carried over into this year with an 82MW contract signed in Myanmar and a further 60MW win in the South Pacific announced alongside these results.
Reported figures (see table) are impacted by a large write-down of intangible assets in 2012. On an adjusted basis, pre-tax profit slipped 12 per cent to $56m on higher finance costs as the acquisition of GE’s power rental business was absorbed. But JP Morgan Cazenove expects a profit recovery this year to $131m, giving earnings per share of 112¢ (2013: 59¢).
| APR ENERGY (APR) | ||||
|---|---|---|---|---|
| ORD PRICE: | 832p | MARKET VALUE: | £ 784m | |
| TOUCH: | 832-835p | 12-MONTH HIGH: | 1,177p | LOW: 783p |
| DIVIDEND YIELD: | 0.7% | PE RATIO: | 56 | |
| NET ASSET VALUE: | 1,482¢* | NET DEBT: | 40% | |
| Year to 31 Dec | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (¢ ) | Dividend per share (¢ ) |
|---|---|---|---|---|
| 2010† | 126 | 29.8 | - | nil |
| 2011† | 213 | 57.3 | 51.7 | 10 |
| 2012 | 266 | -4.9 | -19.1 | 10 |
| 2013 | 308 | 27.5 | 24.4 | 10 |
| % change | +16 | - | - | |
Ex-div:02 Apr Payment:03 Jun *Includes intangible assets of $693m, or a 735¢ share †Pro-forma £1=$1.65 | ||||
