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Aggreko meets expectations

Aggreko meets expectations

Shares in Scottish temporary power provider Aggreko rose in early trading, after the company announced third-quarter figures in line with expectations.

Americas business grew 15% year on year, while business in Europe, the Middle East and Africa climbed 4%.

Underlying group revenue in the third quarter was 6% ahead of the same period last year, with reported revenues falling 3% because of the strength of the pound.

Net debt was £511 million at the end of the period, a fall of £26m on the previous quarter, and down from £469m at the beginning of September.

Aggreko continued to perform in line with expectations, and the group expected to deliver growth for the whole year.

“Overall, we continue to expect underlying trading profit for the full year to be similar to 2013,” the group added.

Rupert Soames, the grandson of Winston Churchill, left his role as Aggreko’s chief executive earlier this year to take the helm at outsourcer Serco, and has been replaced by Chris Weston from Centrica.

Shares in the firm closed the day up 52p at 1,594p.