Power firm Aggreko bullish on Tokyo Games after falling £134m into the red
◆ Aggreko, the temporary power provider with the Tokyo 2020 Olympics contract, has fallen to a £134m half-year loss after taking £181m of “prudent” writedowns, writes Alan Tovey.
The company reported a 12pc fall in revenues in the six months to the end of June to £667m, but stripping off adjustments for impairing old equipment, the lower price of oil and customers struggling to pay their bills left a £47m pre-tax profit. Chris Weston, chief executive, said he was “confident” the Tokyo Games would go ahead in 2021, with Aggreko expecting revenues of $250m (£190m) from providing generators and services for 44 venues at the event.
He added: “Everything I am seeing and hearing indicates the Games will go ahead, but this is in the context of a global pandemic and we have cancellation protection. If that happens, it is just a discussion about the cost.”
Aggreko scrapped its final dividend but will pay an interim dividend of 5p.