March 21 (Bloomberg) -- APR Energy Plc, a supplier of temporary power generators, fell to a record in London trading after delaying 2011 results and missing analyst estimates for orders in the first quarter.
The shares plunged 20 percent to 884 pence, the lowest since the stock began trading in February 2010.
APR yesterday postponed its earnings report for the 14 months through Dec. 31 to April 16 due to “complexities in reporting and accounting for the various transactions.” It has received 64 megawatts of new contracts this year, it said.
“The announced three-week delay in full-year and first quarter order intake are both disappointing,” UBS AG analyst Alexander Hugh said in a research note. “Management indicated order intake would improve, but there has been a similar message for the last six months.”
APR, which provides electricity generating equipment that can back up existing grid capacity or create a dedicated supply, merged with Horizon Acquisition Co. in a reverse takeover in June. APR last year won contracts in Japan with Tokyo Electric Power Co. following the biggest earthquake in Japan’s history.
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