Aggreko cheers $200m Tokyo Olympics deal

CEO Chris Weston - 'prestigious' event contract. Picture: Contributed
CEO Chris Weston - 'prestigious' event contract. Picture: Contributed
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Aggreko, the Glasgow-headquartered temporary power provider, has secured a key supply contract worth some $200 million (£159m) for the 2020 Olympic and Paralympic Games in Tokyo.

The group’s Japanese subsidiary has won the contract to provide generation and distribution systems for 43 competition venues, the athletes village and the international broadcast centre which will be used by the world’s media.

Aggreko said it had a proven track record in supporting high-profile events including this year’s PyeongChang Winter Olympics, Gold Coast Commonwealth Games, European Championships in Glasgow and Ryder Cup in France.

Chief executive Chris Weston said: “We are delighted to have secured what is one of the most prestigious event contracts won by Aggreko.

“Our experienced team will support the Tokyo 2020 organising committee to ensure our role in the success of the 2020 Olympic and Paralympic Games is flawlessly delivered.”

Last month, the group told investors that it was trading in line with expectations despite “increased currency headwinds”.

In a trading update, the group said underlying revenue, excluding the impact of currency movements, was up 11 per cent in the nine months to the end of September, compared to a year earlier, with reported revenue up 7 per cent.

Its rental solutions arm – about half of the group – has seen its underlying ­revenues rise 26 per cent, or 24 per cent excluding hurricane-related work in North America.