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Aggreko swings to loss, but proposes final dividend on improving market conditions
StockMarketWire.com
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Power company Aggreko proposed a final dividend of 10 pence per share for 2020, despite swinging to an annual loss as the company said it was seeing a recovery across its markets following the Covid-19 pandemic impact.
The full year dividend of 15.00 pence was up from 9.38 pence per share in 2019, a year in which the company suspended its final dividend.
The dividend announcement was included alongside annual results showing a fall in profit as revenue was hurt by a pandemic-led weakness in the oil and gas, petrochemical and refining and events sectors and the low oil price environment.
For the year ended 31 December, the company reported a pre-tax loss of £73 million from a profit of £199 million lsat year as revenue fell to £1.37 billion from £1.61 billion.
Underlying pre-tax profit, which excludes exceptional items, was £102 million, slightly ahead of the company's initial guidance of £80-to-100 million.
'We enter 2021 well positioned for the recovery which we are seeing in our markets and this momentum supports our confidence in the business going forward,' the company said.
Story provided by StockMarketWire.com
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