Power firm Ag­greko bullish on Tokyo Games af­ter fall­ing £134m into the red

The Daily Telegraph - Business - - Business -

◆ 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.

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