Temporary power firm Aggreko today stuck to its prediction of reduced profits for 2017.
In March, Aggreko’s shares slumped after the Glasgow-based firm reported a 12% plunge in 2016 profits and said it expected worse this year, in light of pricing pressures in Argentina.
FTSE 250 Index-listed Aggreko delivers power at major events such as Glastonbury music festival, US presidential inaugurations, football World Cups and the Olympic Games.
Today, the company said in its first quarter trading update that its outlook was unchanged.
Aggreko said that its oil and gas revenues in North America had “stabilised” in the first three months of 2017, despite being a third lower compared to the first quarter of last year.
The company signed around 50 megawatts (MW) worth of gas orders and agreed its first solar diesel hybrid contract of 7MW.
Aggreko chief executive Chris Weston, who received a near 30% increase in his total pay package for 2016, said: “I am pleased to see underlying growth in both business units, in particular in power solutions industrial. We continue to execute on our business priorities: investing in technology; improving our customer focus; and delivering efficiencies.”
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