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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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