Power firm Aggreko targets growth after Q3 revenue ticks up
Temporary power specialist Aggreko has said its full-year guidance remains unchanged after revealing a jump in thirdquarter revenue.
Theglasgow-basedfirmsaid that in the three months ending 30 September, revenue excluding the impact of currency and pass-through fuel experienced a 1 per cent yearon-year jump with reported revenue up 8 per cent. Excluding the impact of Argentina, revenue was up 3 per cent on an underlying basis.
Looking at individual divisions, the group headed by chief executive Chris Weston, said its rental arm saw revenue increase 9 per cent including revenue from the hurricanes that affected the southern US and the Caribbean. Aggreko’s power business saw industrial income rise 6 per cent, “with continued strong performance in Eurasia where order intake remains robust”, although utility revenue was down by 15 per cent on repricing and off-hires in Argentina.
The firm also addressed its acquisition of Younicos, snapping up the “smart energy” firm focused on battery storage in a £40 million deal earlier this year. The integration is “progressing well,” said Aggreko of the business based in Germany and the US. “There is a healthy pipeline of opportunities for the combined offering and we are working on a number of firm prospects.”
It added that overall, it expects that excluding Argentina, “we will grow this year”.