Aggreko to return 200m pounds in capital, profit slips

6th Mar 2014 07:07

- Announces 200m return of capital- Full-year profit falls 8 per cent- Expects trading profit in 2014 to be similar to last yearFTSE 100 temporary power group Aggreko reported annual earnings in line with company expectations in what it described as a 'challenging year.'The generator hire specialist said it suffered weaker market conditions in its Power Projects business and traded against exceptionally strong 2012 comparatives. Nevertheless, it said it made an encouraging start to 2014.The group also confirmed that it would return £200m in capital to shareholders. Subject to shareholder approval, each shareholder will receive a return of value of 75p in respect of each existing ordinary share they hold on May 27th. Full-year pre-tax profit fell 8% to £338m while group revenue slipped to £1.573bn for the twelve months ended December 31st from £1.583bn the prior year. Underlying revenue rose 4% on the year before. Earnings per share fell to 92.03p from 103.86p.Chairman Ken Hanna commented, "After nine consecutive years of growth, 2013 proved to be a challenging year; despite this Aggreko delivered a creditable performance and good progress on many fronts." The group said it has made an encouraging start to 2014 and for the full year it expects trading profit to be similar to 2013.Aggreko is recommending a 10% increase in dividend for the year as a whole. CJ