Profits soar at Aggreko to £190m
Aggreko, supplier of temporary power and temperature control, announces its preliminary results for the twelve months to 31 December 2008 with revenue increased by 37% (26% in constant currency) and trading profit up 51% (37% in constant currency)
Group revenue was £946.6m, 37 per cent up on last year's £693.2m; and profit before tax was £190m, up on last year's £125.5m.
Philip Rogerson, Chairman, commented: "In the face of the deteriorating global economic backdrop, Aggreko has proved very resilient, delivering another strong performance in 2008 with sharply increased revenue and profits as well as improved margins and returns on capital employed.
"In terms of the outlook for 2009, we have made a very strong start to the year, well ahead of 2008, and expect to make good progress on both a headline and constant-currency basis in the first half. The outlook for the second half is less certain and will depend on how the macro-economic environment develops over the coming months. Our current judgement is that on a constant-currency basis, trading in 2009 should be at similar levels to 2008. Given that over 70% of our earnings are in US dollars, if we achieve this trading performance, and if the Sterling : US Dollar rate stays at today's level for the rest of the year, reported results would show substantial growth over 2008."
