Aggreko is flying the flag with powerful £37m deal for London's 2012 Olympics

The deal, worth 37 million, will see the Glasgow-headquartered firm supply 220 megawatts of power to the two events, dwarfing the 160MWs Aggreko provided to the Beijing Olympics in 2008.

In a brief statement to the London Stock Exchange yesterday, the firm, headed by Rupert Soames, said it would also act as a sponsor to the London games.

The contract win rounds off a sterling year for Aggreko, which has seen its shares rocket since its entrance to the FTSE 100 last December.

Aggreko stock yesterday closed up 36p, or 2.35 per cent, at 1,570p. In October, its shares hit 1,685p, having started the year well below 900p.

The firm was awarded the Olympics contract by the London 2012 organising committee following its work at other major sporting events - also including the Winter Olympics in Vancouver earlier this year and this summer's World Cup in South Africa, which boosted Aggreko's first half revenues by 29m.

The contract announcement comes just three days after the company once again raised full-year forecasts after a better-than-expected performance in the final quarter.

Soames said on Friday that group revenues for the 12 months to 31 December are likely to be in the region of 1.22 billion, a 20 per cent improvement on the previous year, while pre-tax profits are expected to hit the 305m mark, up 25 per cent on 2009 and 5m more than previously forecast.

However, he also warned investors that next year is a bit of a black hole in the sporting calendar, with few blue ribbon events planned.

Around 90m of revenues generated through events this year will not be repeated in 2011, the firm has cautioned.Despite these "tough" comparisons, Soames said he was confident Aggreko can achieve a similar level of profitability next year to 2010.