Despite a 6 percent decrease in revenues for the third quarter, Aggreko, which is based in Glasgow said it was maintaining its full year profit guidance. According to the temporary power supply company, it is making progress with its restructuring. Pre-tax profits are expected to be between PS 250 millions and PS 270million “at average exchange rate”, which is down from PS 289million in 2014.. The company stated that it expects that the group’s underlying revenue trends will remain similar to the previous half due to the current challenging market conditions. It also stated that it would reduce capital expenditure. The company expects that it will spend PS 250 millions on its fleet in 2018, a decrease from the previous guidance of PS 270million. Aggreko announced plans earlier this year to reorganize the group into two separate units. These savings will be used to boost margin growth. Chris Weston, chief executive of Aggreko said that Aggreko continues to “show its resilience in the face of a difficult market backdrop”. Weston said that Aggreko was still at an inflection point in the implementation of specific measures identified in the August business review. However, he added, “While we are not yet at the stage where we can deliver the actions identified in the August business review, I am pleased with the progress which, regardless the market conditions, will position Aggreko well for the future.” Aggreko stock rose more than 7 percent Monday morning.
Aggreko keeps full-year profit guidance
