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Aggreko sees profit within top end of guidance amid recovery
StockMarketWire.com
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Power equipment supplier Aggreko said it expected to deliver full-year profit at the upper end of its guidance range amid a recovery across its markets.
Pre‑exceptional pre-tax profit was expected at the upper end of between £80 million and £100 million.
Full-year fleet capital expenditure was expected to be slightly below £200 million, as previously indicated.
'We have seen some recovery in most of our markets with activity levels and equipment on hire continuing to increase through the third quarter,' Aggreko said.
Underlying revenue for the nine months declined 18%, in line with the first half.
On a quarter by quarter basis, revenue in the third quarter itself was down 18%, an improvement on the 25% year-on-year decline in the second quarter.
The company said it was making 'good progress in its discussions with Tokyo Organising Committee of the Olympic and Paralympic Games on the necessary contract revisions to reflect both scope changes and the impact of the delay of the Games into 2021.'
Looking to 2021, Aggreko expected to deliver pre-tax profit before exceptional items in the range of £170 million-to-190 million.
'(O)ur trading trends indicate increases in activity levels for our more transactional rental business and an improved outlook on the timing of our larger project mobilisations within Power Solutions,' the company said.
Story provided by StockMarketWire.com
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