Aggreko scores at World Cup but sees profits dip

PORTABLE power supplier Aggreko has revealed that its profit before tax dipped by 13% in the year ending December 31.

It made £289m compared to £333m in 2013.

The Cannock firm’s revenue was effectively unchanged at £1.577bn (2013: £1.573).
 
Aggreko said the full year results were in line with expectations, pointing to solid underlying revenue growth and underlying trading profit being broadly flat.

The firm said it has seen strong growth in the Americas and a good performance in EMEA (Europe, Middle East and Asia).

It also points to the successful execution of the Glasgow Commonwealth Games and the football World Cup in Brazil, with combined revenue of £19m.

Aggreko also says it has had an encouraging start to 2015 with a year-to-date order intake of 287MW, with contract extensions in Argentina, Ivory Coast and Japan also secured.

It has also been awarded contracts for the inaugural European Games and the PanAmerican Games in 2015, with combined revenue of circa £24m.

Newly appointed chief executive officer Chris Weston said: “Having visited a number of our locations around the world and met many of our people I am really enthused by what I have seen and heard.

“I plan to spend the next few months getting to know the business better and I look forward to coming back at our interim results in August to share my views on the priorities for the group in the next phase of our growth.
 
“At this early stage in the year, we are encouraged by the group’s performance. Whilst incremental mobilisation costs will impact first half results, overall for 2015 we currently expect underlying trading profit to be broadly in line with last year.”

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