Aggreko remains on course for another good year
By Murray Pollok26 August 2010
Aggreko's revenues in the first half of the year rose by 17% to £583.6 million with profits before tax up 19% to £125.7 million. Revenues grew in all its territories, but particularly its international local business where the South Africa World Cup contributed £28.7 million in sales, Aggreko's largest ever project by value.
The UK-based company said its local business in North America had a strong start to the summer - partly related to Gulf Coast clean-up activities - while business in Europe and the Middle East was "a little ahead of last year".
The international power projects business continued to grow in the first half and secured new contracts in 18 countries for a record 860MW.
Philip Rogerson, chairman, said: "We believe that we will make further good progress in the second half and that the outcome for the year as a whole will be slightly better than our previous expectations."
The company has accelerated its investment in new fleet, spending £103.6 million in the first half of 2010, marginally up on the same period in 2009. However, fleet capital expenditure for the full year will be around £265 million compared to £149.7 million in 2009.