The lights are bright for Aggreko
Temporary power and temperature control specialist Aggreko expects to announce a 10% growth in first half revenue and a 20% jump in trading profit (in constant currency and excluding pass-through fuel), when it releases interim results in August.
Despite lower utilisation, its international power division is expected to grow revenue by around 8% while local orders from the likes of Vancouver Winter Olympics and the FIFA World Cup should see its business increase by about 16% in constant currency terms. The firm also expects to have secured orders for a record 900MW of new work in the first half and put on-hire around 50% more equipment than in any previous six month period.
As a consequence it believes year-end performance will be significantly better than anticipated in its April Interim Management Statement and has decided to raise fleet investment by £45m to around £265m for the year.
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