Scottish temporary power firm Aggreko has reported “good underlying growth” despite a drop in trading profit in the first half of the year.
In the six month period ending June 30, the company recorded a 10% fall in its trading profit to £142million from £157million in 2013.
But the firm said its underlying profit – figure adjusted for currency movements – has grown by 6%, driven primarily by its Europe, Middle East and Africa (EMEA) business contributing to a 69% increase.
Additionally, Aggreko recorded an increase of 1% in its group revenue on last year, up to £768million, as well as a reported increase in its underlying revenue of 12%.
So far this year the company benefited from powering two major sporting events: the FIFA World Cup in Brazil, as well as the recent Commonwealth Games in Glasgow.
Two additional major deals including a wholesale contract award in Panama as well as a 230MW cross-border power supply in Southern Africa from the company’s Mozambique plant have also contributed to the firm’s results.
“Aggreko has made an encouraging start to the year and delivered a good performance in the first half,” said Angus Cockburn, Aggreko’s interim chief executive.
“The local business has performed well, particularly in the Americas and EMEA regions which have delivered strong growth.
“Looking forward, the third quarter is important for the local business and, whilst we expect to deliver growth in the second half, comparators are more challenging.
“Overall, we continue to expect underlying trading profit for the full year to be similar to 2013.”
