Aggreko ‘stabilised’ after 2017 results

UK temporary power provider Aggreko saw a revenues increase for 2017, despite tough operations in Argentina.

The group’s revenues were up 4% for the year, to £1.73 billion (€1.94 billion), and 9% excluding Argentina. Operating profit for Aggreko was down 8%, though, to £229 million (€257 million).

Rental revenues for Aggreko amounted to 45% of its group total, said the company, as it posted a total of £720 million (€808 million) for the sector. This represented an increase of 15% compared to 2016. Operating profit for its rental operations were £81 million (€90.91 million), up 57% year-on-year.

Chris Weston, CEO, Aggreko, said, “I am pleased that we are seeing revenue growth return, with strong performances in both Rental Solutions and Power Solutions Industrial. As expected, the challenges in Power Solutions Utility held back the group overall.

“Over the last three years we have stabilised the business, enhanced our service offering and positioned ourselves to prosper in rapidly changing energy markets. We have delivered over £100 million (€112 million) in cost savings, invested in new systems and processes and developed new technology, all of which enables us to provide high quality solutions for customers.”

Weston added that he expected 2018 group profit before tax to be in line with last year, on a constant currency basis.