17th Nov 2020 13:45
Aggreko PLC - Power generator rental firm based in Glasgow - Says underlying revenue for the nine months ended September 30 is down 14% year-on-year, hurt by the Covid-19 pandemic and the lower oil price. Reported revenue is down 15%.
Expects pre-exceptional pretax profit for 2020 to be at the upper end of its guided range of between GBP80 million to GBP100 million due to increased levels of activity. Looking further ahead, Aggreko says that, should oil prices remain stable and the postponed Tokyo Olympics proceed as planned at an increased overall contract value, it expects to 2021 pretax profit at between GBP170 million to GBP190 million.
For comparison, in 2019, revenue was GBP1.61 billion and pretax profit was GBP199 million.
Separately, the company says it aims to cut diesel fuel used in customer solutions by at least 50% by 2030, adding it is targeting being "net zero" across all its operations by 2050 or sooner.
Current stock price: 581.50 pence
Year-to-date change: down 30%
By Ife Taiwo; [email protected]
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