Aggreko hails 2018 results in line with expectations

Glasgow-headquartered temporary power provider Aggreko – one of Scotland’s largest industrial companies – has hailed its annual results aligning with market expectations, with a jump in revenue and slight dip in profits.

Aggreko has supported high-profile events including the Ryder Cup in France. Picture: Andrew Redington/Getty Images.

The business, which last year secured a key $200 million (£152m) supply contract for the 2020 Olympic and Paralympic Games in Tokyo, said 2018 group revenue came in at £1.8 billion, a year-on-year jump of 4 per cent – 8 per cent on an underlying basis.

Pre-tax profit fell 4 per cent, but was up 10 per cent on an underlying basis, to reach £182m, “in line with market expectations despite currency headwinds”, while dividend per share was flat at 27.1p.

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Chief executive Chris Weston said: “We are pleased to report results which continue the positive momentum demonstrated at the interims. We have delivered results in line with market expectations and ahead of our guidance at the start of the year, with 10 per cent growth in the group’s underlying profits.

“The overall result was supported by a strong performance in rental solutions, which represents 52 per cent of the group’s revenue. With the wide-ranging initiatives we are implementing to improve our operational and capital efficiency, we are confident we can meet our mid-teens [return on capital employed] target in 2020.”

Aggreko has supported high-profile events including last year’s PyeongChang Winter Olympics, Gold Coast Commonwealth Games, European Championships in Glasgow and Ryder Cup in France.