Aggreko sees full year profits in line with expectations

28th Oct 2013 07:16

- Q3 revenues down six per cent- Underlying revenues slightly ahead of last year- See FY profits in line with expectationsTemporary power group Aggreko said it expected full year profits to be in line with market expectations despite the absence of a one-off lift from the London Olympics. The company, which provides temporary power via generators, received a £37m boost last year from the Olympics and as a result its revenues for the third quarter this year were down 6% on the same period in 2012. But stripped of the Olympics effect, Aggreko's underlying revenues and trading margins were slight ahead of the same period last year helped by 6% revenue growth in the Americas and 8% rise in revenues in Europe, Middle East and Africa.The company said the performance was in line with expectations. Looking ahead, it expects its local business operations to continue to perform well with underlying revenues and margins set to beat the previous year's result. At its power projects division, it expected underlying revenues to be slightly down on last year in the second half but ahead of the first half. Net debt has increased by £83m in the three months to the end of September to £469m but that is £216m lower than at the same time a year ago. TB