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09/11/2015
Aggreko Reports Drop In Sales
Glasgow-based Aggreko has announced it is sticking to its full-year profit guidance despite a recent decline in sales.
The temporary power provider reported a drop in sales during its third quarter results with underlying revenue for Q3 7% behind last year and reported revenue down 6%.
However, the company has forecast a pre-tax profit of between £250m and £270m.
Chris Weston, Chief Executive, said: "Aggreko continues to demonstrate its resilience against a challenging market backdrop and I am pleased that we are maintaining our guidance for 2015 full year profit before tax of between £250 and £270 million.
"Whilst we are at an early stage in delivering the specific actions identified at our business review in August, I am encouraged with the progress we are making which, regardless of the prevailing market conditions, will strengthen Aggreko and position it well for the future."
In a statement, Aggreko said its sales in the Rental Solutions division were down 1% from 2014, citing an 'on-going' weakness in the oil, gas and mining sectors.
Its Power Solutions business also experienced a 11% drop compared to the same period last year.
In August, the group was reorganised into two units following a business review, while plans to add more engineering resources to its Dumbarton manufacturing facility were also announced.
(LM/CD)
The temporary power provider reported a drop in sales during its third quarter results with underlying revenue for Q3 7% behind last year and reported revenue down 6%.
However, the company has forecast a pre-tax profit of between £250m and £270m.
Chris Weston, Chief Executive, said: "Aggreko continues to demonstrate its resilience against a challenging market backdrop and I am pleased that we are maintaining our guidance for 2015 full year profit before tax of between £250 and £270 million.
"Whilst we are at an early stage in delivering the specific actions identified at our business review in August, I am encouraged with the progress we are making which, regardless of the prevailing market conditions, will strengthen Aggreko and position it well for the future."
In a statement, Aggreko said its sales in the Rental Solutions division were down 1% from 2014, citing an 'on-going' weakness in the oil, gas and mining sectors.
Its Power Solutions business also experienced a 11% drop compared to the same period last year.
In August, the group was reorganised into two units following a business review, while plans to add more engineering resources to its Dumbarton manufacturing facility were also announced.
(LM/CD)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
