14th Nov 2014 07:09
LONDON (Alliance News) - Aggreko PLC on Friday said trading in the third quarter was in line with its expectations as its revenue was hit by the strength of sterling.
The FTSE 100-listed temporary power company said reported revenue in the three months to the end of September was down 3% due to the strength of sterling. Underlying revenue grew 6% in the quarter.
Its Americas business posted a 15% year-on-year growth in the quarter, despite a slow temperature control season in the region. Its Europe, Middle East and Africa arm saw revenue grow 4%. But revenue in Asia Pacific fell 9% on the impact of the slowdown in the Australian mining sector.
The group said its Local business grew 4% in the quarter, slower than in the first half of the year on strong comparatives. Power Projects revenue grew 10%, in line with its expectations.
The company said it is trading in line with its expectations but said growth in the second half will be slower than in the first on tough comparatives, though it does expect to produce growth for the year.
It expects underlying trading profit for the full year to be in line with 2013.
By Sam Unsted; [email protected]; @SamUAtAlliance
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