Aggreko H1 profits flat as industrial, utility units weaker
Aggreko
869.50p
16:34 09/08/21
Temporary power provider Aggreko said first-half pre-tax profits were flat as revenues at its industrial and utility units fell although the company maintained full year guidance.
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Pre-tax profits for the six months to June 30 came in at £60m, up from £59m a year earlier and 9% higher on an underlying basis. Group revenue fell 10% to £768m and the interim dividend was help at 9.38p a share.
In the rental division underlying revenue was up 1%, mainly driven by North America where revenue was up 7% with strong growth in oil & gas. Operating margin rose 1.1 percentage points to 11.8%, reflecting both higher rates and the power shortages in Belgium.
Industrial underlying revenue decreased 9%. Excluding the benefit of the South Korea Winter Olympics in the prior year revenue increased 4%, with good growth in Latin America, Africa and the Middle East, partially offset by a slowdown in Eurasia and Asia, Aggreko said.
Utility underlying revenue was down 7% primarily due to 2018 off hires in Mozambique and Japan.