GLASGOW (dpa-AFX) - Aggreko plc (AGK.L) reported 2018 profit before tax of 182 million pounds, up 10% on an underlying basis and in line with market expectations despite currency headwinds. Earnings per share was 49.2 pence, up 7% on an underlying basis.
Fiscal 2018 Group revenue was 1.76 billion pounds compared to 1.70 billion pounds, previous year. Reported Group revenue was up 4% on the prior year, with Rental Solutions up 19%, Power Solutions Industrial down 1% and Utility (excluding pass-through fuel) down 22%. Underlying Group revenue was up 8% on the prior year, driven primarily by a strong performance in Rental Solutions, offset by a decline in Power Solutions Utility, which now represents only 21% of Group revenue.
Chris Weston, CEO, said: 'We are pleased to report results which continue the positive momentum demonstrated at the interims. We have delivered results in line with market expectations and ahead of our guidance at the start of the year, with 10% growth in the Group's underlying profits. The overall result was supported by a strong performance in Rental Solutions, which represents 52% of the Group's revenue. With the wide-ranging initiatives we are implementing to improve our operational and capital efficiency, we are confident we can meet our mid-teens ROCE target in 2020.'
Looking forward, the Group said its outlook in 2019 is in line with the market's expectations, despite currency headwinds and the impact of IFRS 16, although with a greater weighting to the second half than in 2018.
The Group proposed to maintain the final dividend at 17.7 pence per share. Subject to shareholder approval, this will result in a full year dividend of 27.1 pence per ordinary share.
Copyright RTT News/dpa-AFX
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