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APR Energy revenue triples

Tuesday, July 29 09:31:35

Power plant supplier APR Energy Plc's quarterly revenue more than tripled as the company extended lucrative contracts and signed new deals to supply electricity to power-starved regions.

APR's stock rose 13 percent to rank as the top percentage gainer on the London Stock Exchange on Tuesday morning.

Demand for quick, short-term power supply in developing markets has rocketed as economies grow quicker than permanent power plants can be built - a process that can take four to five years.

APR said it renewed contracts covering 253 megawatts during the second quarter, including the first 100 megawatts of its contract to supply mobile gas turbines in Uruguay.

This month, after its second-quarter reporting period, APR also extended its 450 megawatt contract in Libya until the first quarter of 2015. The Libyan and Uruguayan contracts were key to the company's swing to a full-year profit last year.

Jacksonville, Florida-based APR rents out 25-megawatt turbines for electricity shortfalls in countries such as Argentina, Burkina Faso and Yemen. It also supplied the turbines and diesel generators that lit up parts of Japan after the 2011 earthquake.

Revenue rose to $134 million for the second quarter ended June 30 from $44 million a year earlier.

Liberum analysts wrote in a note that APR's contract renewals would "materially de-risk the short-term outlook for the business".

APR's shares were up 10.3 percent at 567 pence at 0805 GMT. (Reuters)

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