APR Energy PLC Trading Statement (2371Q)
16 Juni 2015 - 8:00AM
UK Regulatory
TIDMAPR
RNS Number : 2371Q
APR Energy PLC
16 June 2015
16 June 2015
APR Energy plc
Market Update
APR Energy plc (the "Company"), a global leader in fast-track
power solutions, today announces that it expects its full-year 2015
results to be significantly below market expectations.
The anticipated impact on results is being driven largely by
delayed negotiations and long lead times associated with projects
the Company is pursuing; demobilisation costs in Libya that have
been higher than expected despite the significant progress made to
date in extracting the majority of assets; and unfavorable foreign
exchange rates, particularly in Australia and Indonesia.
The Company's guidance at the beginning of the year was
predicated on an expectation that contracts being pursued would
have a financial impact by the fourth quarter of 2015. While those
opportunities still exist, and the market for interim power
solutions remains strong - particularly in Asia Pacific and Africa
- customer decisions about deals in the pipeline have been pushed
out until later in the year.
The Company is in compliance with its banking facility and
expects to meet its financial covenants when next tested at the end
of the current calendar quarter. The Company believes, however,
that there is a realistic possibility that the anticipated delay in
revenue may result in an inability of the Company to meet the
financial covenant calculations under its banking facility on
future quarter-end testing dates. The Company will continue to
evaluate all commercial opportunities (and the contemplated impact
on its operations and financial performance) and will engage with
its lenders at an appropriate time if the Company determines that
seeking a modification of its financial covenants is advisable. The
Company will continue to progress this matter and expects to
provide a further update at its half-year meeting in late
August.
Ends
Enquiries:
APR Energy plc
Lee Munro (investors) + 1 904 404 4576
Alan Chapple (media) + 1 904 223 2277
CNC Communications
Richard Campbell +44 (0) 20 3219 8800 / +44 (0) 7775 784 933
About APR Energy
APR Energy is the world's leading fast-track mobile turbine
power business. We provide large-scale, fast-track power, providing
customers with rapid access to reliable electricity when and where
they need it. APR combines state-of-the-art, fuel-efficient
technology with industry-leading expertise to provide turnkey power
plants that are rapidly deployed, customisable and scalable.
Serving both utility and industrial segments, APR Energy provides
power generation solutions to customers and communities around the
world, with an emphasis on Africa, the Americas, Asia-Pacific and
the Middle East. For more information, visit the Company's website
at www.aprenergy.com.
Certain statements included in this announcement constitute, or
may constitute, forward-looking statements. Any statement in this
announcement that is not a statement of historical fact (including,
without limitation, statements regarding the Company's future
expectations, operations, financial performance, financial
condition and business) is or may be a forward-looking statement.
Such forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from those projected or implied in any forward-looking statement.
These risks and uncertainties include, among other factors,
changing economic, financial, business or other market conditions.
Although any such forward-looking statements reflect knowledge and
information available at the date of this announcement, reliance
should not be placed on them. Without limitation to the foregoing,
nothing in this announcement should be construed as a profit
forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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