28th Oct 2013 08:31
LONDON (Alliance News) - Temporary power and temperature control supplier Aggreko PLC Monday said trading in the third quarter had met its expectations, with underlying revenues and trading margins slightly up on the year.
The company got a huge boost in 2012 from providing temporary power units for the London Olympics, and its underlying figures exclude that impact. Including the Olympics comparison, revenues were down 6% in the three months to end-September, and trading margins a little lower.
On an underlying basis, 6% revenues growth in the Americas and 8% growth in Europe, Middle East and Africa offset a 17% decline in Asia Pacific which it put down to off hires in Japan and Indonesia.
Local business revenues rose 4% on an underlying basis, driven by 10% growth in the Americas, while power projects revenues were down 2% and trading margins slightly behind last year.
"For 2013, we expect that group profit before tax will be in line with market expectations," the company said in a statement.
Aggreko shares were up 4.2% at 1,580 pence early Monday, one of the biggest gains on the FTSE 100.
By Steve McGrath; [email protected]; @SteveMcGrath1
Related Shares:
AGK.L