Aggreko ups full year guidance

15th Oct 2009 07:57

Temporary power supplier Aggreko has upped its full-year guidance, saying it expects constant-currency profits to be slightly above the level achieved in 2008.Revenues in the three months to 30 September were 8% lower than the same period in 2008; on a constant currency basis, and excluding pass-through fuel, revenues decreased by 16%. The group said margins have however benefited from a strong performance in our International Power Projects business. Revenues in its International Power Projects business, in constant currency and excluding pass-through fuel, grew by about 10%. Conditions in the Local business continue to be difficult, with revenues in constant currency down 28%. Also in constant currency, revenues in North America fell 33%; Europe & Middle East fell 15%, and revenues in Aggreko's International Local business were down 42%.'Notwithstanding the difficult macro-economic conditions, we believe that International Power Projects will continue to perform well during the fourth quarter, and that conditions in the Local business are unlikely to get any worse,' said the group.'For the full year, we now expect that constant-currency profits will be slightly above the level achieved in 2008.'