TRADING RESULTS
Local business revenue increased by 3%, aided by successful delivery of the inaugural European Games;
Power Projects revenue down 9%, driven by Bangladesh pricing and lower utilisation on Panama contract;
Solid year to date order intake of 451MW and strong order book reflecting extensions in Argentina, Ivory Coast, Bangladesh and the first 115MW in Mozambique;
Strong balance sheet with 0.8 times net debt to EBITDA; net debt down £70 million on prior year;
Maintained interim dividend of 9.38p;
Full year fleet capex flexed from £300 million to £270 million reflecting current trading conditions;
As reported on 24 July, results are impacted by the slowdown in the North American oil and gas sector, lower than expected pricing on the Bangladesh contract extension and lower production levels in Yemen due to ongoing security challenges;
Continue to expect full year profit before tax to be between £250 million and £270 million at current exchange rates.
