Aggreko powers ahead in first half
Aggreko, the world’s biggest provider of temporary power, said the rate of growth seen in the first quarter had accelerated, putting it on track for a strong performance in the first half of the year.
“We now anticipate that, in the first half, group revenue in constant currency and excluding pass-through fuel will be about nine per cent higher than 2010,” the company said on Monday. “Trading profit is expected to be similar to 2010.”
Demand for services provided by companies such as Britain’s Aggreko and market number two APR Energy has been buoyed as rising power demand in developing countries outstrips economic growth.
The industry has also been boosted by the recent earthquake in Japan, which knocked out some generation capacity and landed both companies contracts with Tepco.
Aggreko said first-half revenue at its international power projects unit would be about 22 percent higher, and it expects to increase capacity on hire by at least 600 megawatt during the first half.
“In light of this, and a healthy pipeline of enquiries, we have decided to raise the rate of fleet investment by a further £30m, in addition to the £70m increase announced in April,” Aggreko said.