Aggreko growth accelerates in 2012 but still cautious

Temporary power and temperature control solutions provider Aggreko saw strong growth in revenues in 2011 despite going up tough comparative figures from 2010, a year which saw the FIFA World Cup, the Winter Olympics and the Asian Games.

Group revenue rose 14% to £1,396m in 2011 from £1,230m in 2010 and profit before tax climbed 6% to £327m from £307m the year before.

The dividend has been hiked by one-tenth to 20.79p from 18.90p the year before.

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"The business has had a strong start to the year and the growth rate in both International Power Projects and the Local business has accelerated," revealed Rupert Soames, Chief Executive of Aggreko.

"We are planning to increase the rate of investment in fleet and we now expect that our fleet capital expenditure in 2012 is likely to be about £30m higher than we anticipated at the end of December, at around £350m. We are confident that the business will deliver strong growth in the first half of 2012; at this early stage of the year, we are more cautious about the second half of 2012, when, in any case, comparatives will be tougher. Overall we continue to believe that we will deliver another year of good growth in 2012," Soames added.

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