12th Nov 2019 09:04
(Alliance News) - FTSE 250-listed temporary power unit renter Aggreko PLC said Tuesday revenue performance was under pressure over the first nine months of 2019, but full year earnings forecasts remained in line.
For the nine months ended September, reported revenue fell 8% and 2% on an underlying basis. Excluding revenue related to the 2018 Winter Olympics in South Korea and early design work for the 2020 Olympics in Tokyo, underlying revenue was in line with the year prior.
On a divisional basis, Rental Solutions saw underlying revenue was down 1% amid a mixed performance across its geographies. For Power Solutions Industrial, underlying revenue was in line with the year before, whilst Power Solutions Utility saw revenue fall 7% lower.
Despite this, Aggreko said its 2019 earnings outlook remained in line with expectations and its was still on track to achieve return on capital employed in the mid-teens percentage range in 2020.
Shares in Glasgow-based Aggreko were 1.9% higher at 812.00 pence in London on Tuesday.
By Ahren Lester; [email protected]
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