TEMPORARY power supplier APR Energy yesterday reported a full-year profit above expectations and said it had launched a “detailed post mortem” into the accounting problems that held back the release of the results.
The US-based company, backed by Pizza Express and Punch Taverns entrepreneur Hugh Osmond, said it was on track for further growth in 2012 with a string of ongoing contracts.
Pre-tax profit for the 12 months to 31 December 2011 rose 91 per cent to $57m (£35.9m) on sales 69 per cent higher at $212.8m.
Its results were due for release last month but the burden of the paperwork in a busy year for the company meant they had to be postponed.
The company yesterday said a third party was being brought in to review the company’s processes and “accounting complexities”.
APR’s share price was initially dented by the uncertainty surrounding the release of the results. But chief executive John Campion pledged yesterday that the problem would not be repeated.
He said: “We have had a good start to 2012 with 284 megawatts of new contracts won to date, as well as several contract extensions, and we maintain a strong commercial pipeline.
“We are well positioned to capitalise on the substantial market demand for temporary power solutions and are confident that 2012 will be a year of continued growth for APR.”
Rising power demand in developing countries, where supply remains hamstrung by a lack of financing and the time required to install permanent capacity, has pushed up demand for APR’s services.