Mixed picture at power supplier Aggreko
PORTABLE power supplier Aggreko has seen an increase in group revenue but a slight dip in profit before tax.
Announcing its interim results for the six months to June 30, the group, whose UK head office is in Cannock, said performance is in line with expectations.
Group revenue was up 4% at £760m (2012: £734m) while profit before tax was down 2% at £146m (2012: £148m).
Aggreko says it had a strong first half in Asia and the Americas and its temperature control revenues were up 12%.
The firm saw cash inflow of £69m in the first half which it expects to be around £100m in the second half.
Rupert Soames, chief executive, said: “First half performance was in line with expectations. Our local business, representing some 60% of revenues, delivered strong underlying revenue growth and margins strengthened.
“Trading in our Power Projects business was, however, subdued relative to its historic performance, with revenues flat on the prior year and margins weaker.
“In aggregate, group revenue increased by 5% on an underlying basis and 4% on a reported basis, while trading profit was at similar levels to the prior year.
“Our expectations for the full year remain unchanged.
“We now expect to spend around £240m on fleet capital expenditure for the full year. As a result of our disciplined approach to capital expenditure, we also expect to deliver strong cash generation in the second half.”
