Aggreko positive despite revenues dip

UK-based temporary power provider Aggreko has revealed a 3% fall in its revenues for 2016 to £1.52 billion (1.74 billion).

The company said it faced the challenges of the North American oil and gas market, Venezuela debtors and Argentina contract extensions over the past 12 months, having a negative effect on its results for the year.

Aggreko’s operating profit also fell 10% year-on-year to £248 million (€283.89 million), while in its rental solutions business, its operating profit dropped 50% in 2016.

Chris Weston, CEO at Aggreko, said, “Whilst the trading environment over the last twelve months has been challenging I am pleased with the progress that we are making across the group implementing our transformation programme to return the business to growth.

“We are investing in the right technologies to reduce costs to our customers; improving our customer focus and delivering the efficiencies we set out in August 2015.”

He added that the company expected to see growth in 2017.