Temporary power provider Aggreko today predicted its full-year results would come in “slightly” ahead of City forecasts as it secured deals for next year’s World Cup in Brazil and Glasgow’s Commonwealth Games.
The Glasgow-based firm said revenues for the year to the end of December would be about 3 per cent higher than last year’s £1.57 billion, while trading profits would be about £335 million.
Aggreko, led by chief executive, added: “We are delighted to report that we have been chosen as the supplier of temporary power for the 2014 Fifa World Cup and the Glasgow 2014 Commonwealth Games.”
A spokeswoman for the Glasgow games said Aggreko will provide temporary power across 13 venues and the athletes’ village in the city’s east end, using 103 generators and more than 120 miles of cabling.
While Aggreko’s revenues in Europe, the Middle East and Africa are on track to grow about 8 per cent, and by 7 per cent in the Americas, sales in the Asia Pacific region are expected to fall about 12 per cent as contracts in Japan come to an end.
The group also said that its net debt pile will have reduced by about £200m by the end of the year, taking the total below £400m.
Aggreko is due to post its annual results on 6 March, and Shore Capital analyst Robin Speakman said the World Cup and Commonwealth Games contracts were “pleasing, but not of the same scale as last year’s Olympics”.