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Aggreko year profits rise 11 percent
March 7, 2013 / 8:06 AM / 5 years ago

Aggreko year profits rise 11 percent

LONDON (Reuters) - Britain’s Aggreko (AGGK.L), the world’s biggest temporary power provider, said profits rose 11 percent on Thursday, reporting a strong performance across its business in spite of a difficult end to the year.

Aggreko, which issued two profit warnings at the back end of last year, hiked its dividend 15 percent to 23.9 pence and said its expectations for 2013 remain unchanged.

Pretax profit for 2012, pre-exceptional items and amortisation, rose 11 percent to 365 million pounds, in line with market expectations.

Aggreko, warned in December that fewer United States troop numbers in Afghanistan, a likely fall in business in Japan as it recovers from the 2011 earthquake, and the absence of a summer Olympics would combine to take 100 million pounds off revenue.

The company, which provides generators to cover electricity shortfalls and power major events, reported underlying sales 14 percent higher at 1.6 billion pounds.

In strategy update the group said it sees double digit growth in revenues with margins and return on capital employed (ROCE) in excess of 20 percent over the next five years.

Reporting by Lorraine Turner; editing by James Davey

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