APR surges on new contracts

Suzie Neuwirth
TEMPORARY power provider APR Energy’s shares surged over six per cent yesterday morning, after a 72 per cent increase in new contracts signed in the first half of the year offset a decline in revenue.

Revenue fell from $155m (£100m) in the first half of 2012 to $87.2m this year, reflecting the end of a large Japanese contract to provide power after the Tsunami. “It’s a story of two halves,” chief executive John Campion told City A.M. “We have redeployed our fleet now, mainly in Uruguay and Libya.” The FTSE-listed firm also announced new contracts in Mozambique, Senegal and Indonesia. Shares closed 3.6 per cent at 1,006p.