Aggreko on a charge as H1 revenues power up

Temporary power heavyweight Aggreko has reported better-than-expected firsthalf underlying earnings while sticking to its full-year forecast.

The Glasgow-based group, which provides generators to cover electricity shortfalls and for live events such as sporting fixtures and concerts, said pre-tax profit had risen 8 per cent, on an underlying basis, to £59 million in the six months to the end of June.

Analysts at brokerage Liberum said the result exceeded a consensus estimate of £50m.

On a similar underlying basis, group revenue rose 14 per cent to £857m, compared with the year before.

Chief executive Chris Weston said: “These are encouraging results that keep us well on track to deliver our fullyear guidance. As we continue to execute on our strategy, we have also completed a comprehensive review of the group’s expected performance over the medium term.”