Aggreko tops FTSE as shares jump on increased revenues
Aggreko topped the FTSE100 this morning as shares spiked after the company announced its third quarter trading was in line with expectations, with revenues up on the same period last year. (Release)
The mobile power company said that its underlying revenues and trading margins in the three months to 30 September were slightly ahead of the same period last year, excluding revenues from the London Olympics, which stood at £37m. Including the £37m, it saw a six per cent fall in revenues.
Local business revenues were up four per cent on an underlying basis, with six per cent growth in the Americas. Europe, the Middle East and Africa grew eight per cent.
Asia Pacific and Australia saw revenues down 17 per cent like-for-like, however, due to off hires over the past year in Japan and Indonesia.
Power Projects revenues for the quarter were down two per cent on an underlying basis and trading margins were slightly behind last year. Aggreko reported that it expects underlying revenues in the second half of the year to be down, marginally, like-for-like, but higher than the first half of 2013.
The firm says it expects local business to continue to do well, with underlying revenues and margins to be ahead of last year on a second half and full-year basis.