ORARY power provider APR Energy delighted the market yesterday with in-line results and its largest ever industrial contract.
The London-listed firm reported record new contract wins last year, with full-year revenues up 16 per cent to $308m (£186m) and adjusted core earnings up 15 per cent to $181m, in line with analysts’ expectations.
APR said it had secured a new contract with an unnamed mining firm in the South Pacific, to provide power for a 60 megawatt gas turbine plant.
There were concerns around lack of payment in Libya, but yesterday the company said it had received $100m.
Chief executive John Campion told City A.M. that while he was comfortable operating in Libya, there are no plans to expand APR’s contract size there at the moment.
He added that the integration of General Electric’s power rental business, which it acquired late last year, “is going exceptionally well”. APR is maintaining its full-year dividend at 10p per share.
Shares closed up 5.43 per cent.