Full year results in line with expectations:
− Solid underlying revenue growth with underlying trading profit broadly flat on last year;
− Strong growth in the Americas and a good performance in EMEA;
− Trading conditions remain challenging in APAC;
− Reported results reflect £40 million adverse currency translation impact on trading profit;
Local Business:
− Underlying revenue up 8%, with slower growth in the second half, as anticipated;
− Successful execution of Glasgow Commonwealth Games and FIFA World Cup in Brazil, with combined revenue of £19 million;
Power Projects:
− Underlying revenue up 10%, driven by 80MW diesel contract in Panama and the full year impact of gas contracts in Mozambique and Ivory Coast;
− Full year order intake of 757MW (2013: 725 MW) and off-hire rate in line with the historic average;
Final dividend up 3%, giving a full year dividend of 27.12 pence;
Encouraging start to 2015:
− Power on rent up 6% in the Local business;
− 2015 year-to-date order intake of 287MW, with contract extensions in Argentina, Ivory Coast and Japan also secured;
− Awarded contracts for inaugural European Games and PanAmerican Games in 2015, with combined revenue of circa £24 million;
− Little impact from lower oil prices to date, but a possible headwind later in the year.
Ken Hanna, Chairman, commented:
"The Group has delivered a solid trading performance in 2014, admirably handling the change in senior management and difficult operating conditions in a number of our markets."
Chris Weston, Chief Executive Officer, commented:
"Having visited a number of our locations around the world and met many of our people I am really enthused by what I have seen and heard. I plan to spend the next few months getting to know the business better and I look forward to coming back at our Interim results in August to share my views on the priorities for the Group in the next phase of our growth."
"At this early stage in the year, we are encouraged by the Group's performance. Whilst incremental mobilisation costs will impact first half results, overall for 2015, we currently expect underlying trading profit to be broadly in line with last year."
