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Aggreko sees profit surge
AGGREKO, the Scottish firm that supplies temporary power generators for events such as the World Cup and Olympics, said it expected fatter annual profits than City forecasters had touted.
The company said trading had been strong and it expected pre-tax profit for the full year to top 80 million - well ahead of Square Mile expectations, seen at around 74m.
"Since the announcement of our interim results in September, trading across each of Aggreko's businesses has continued to be very strong. The board now believes that profit before tax for the year ending December 31 will be at least 80m," the Glasgow-based outfit said.
Analysts at Numis Securities said the announcement was "one of the most positive statements we have seen for some time".
Aggreko said that second-half profit from North America would be even higher than last year when it benefited from around 20m of hurricane-related revenues.
"Trading in Europe has also been strong, and the recent large contract to supply temporary power in Corsica will add to revenues in the fourth quarter," said chief executive Rupert Soames.
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Friday 25 May 2012
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