27 Feb 2002 – Aggreko, the UK-based supplier of temporary power, yesterday posted pre-tax profits of £67.1m ($95.3m) – a ten per cent improvement on the previous year. The company benefited from a $31m contract to provide power to the Winter Olympics and the soccer World Cup, in a year in which otherwise presented difficult trading conditions.
Aggreko is a leading supplier of temporary power generation equipment as well as temperature control and oil-free compressed air services. As well as the two international sporting events Aggreko supplied power to the Planet of the Apes movie and for the US Open golf tournament.
Aggreko has expanded its operation during the last year and ploughed £99.1m back into the business. The company has expanded its depot network with several new openings, both in Europe and North America, and towards the end of the year established a presence in South America with a new facility in Uruguay. Its most recent acquisition was into Spain with purchase of EcoEnergy in January.
Phil Harrower, Aggreko chief executive said, “2001 has been another good year for Aggreko despite some difficult trading conditions, particularly following the tragic events of September 11 in the United States.”
Harrower said yesterday it was unclear how quickly North America would recover in the aftermath of the troubled economy. “Most of our profits are made in the summer months so it is too early to gauge correctly whether there will be a recovery until we get into that.”
Aggreko said it was making steady progress in Europe and was seeing an increase in enquiries on the international front. “Despite the uncertain global economic outlook, Aggreko is extremely well placed to respond quickly to any pick-up in business activity and we continue to look to the future with cautious optimism,” said Harrower
Turnover was up by 16.6 per cent to £325.8m and a final dividend of 3.2p will be paid, lifting the total 8.2 per cent to 5.3p.