Power plant supplier APR Energy's quarterly revenue more than tripled as demand for quick, short-term power supply in developing countries rockets.
The Florida-based company rents out 25MW turbines that can be rapidly deployed to deal with electricity shortfalls in countries such as Argentina, Burkina Faso and Yemen. It also supplied the turbines and diesel generators that lit up parts of Japan after the 2011 earthquake.
Revenue rose to $134m for the second quarter ended June 30 from $44m a year earlier and the firm's stock rose 13 per cent to rank as the top percentage gainer on the London Stock Exchange this morning as it extended lucrative contracts and signed new deals to supply electricity to power-starved regions.
Demand for its services in developing markets has rocketed as economies grow quicker than permanent power plants can be built – a process that can take four to five years.
APR said it renewed contracts covering 253MW during the second quarter, including the first 100MW of its contract to supply mobile gas turbines in Uruguay.
This month, after its second-quarter reporting period, APR also extended its 450MW contract in Libya until the first quarter of 2015. The Libyan and Uruguayan contracts were key to the company's swing to a full-year profit last year.
"With a sustained renewal rate in excess of 80 per cent, our efforts are paying off and reflect the inherent longevity of our service," chief executive John Campion said in a statement.